Tamweel CEO: Thriving business, rising population to fuel region’s real estate market for next three years
• Demand for residential units to exceed 96 thousand units in next 4 years
• Tamweel announces exclusive financing for Manazel’s mega project: Building Material City
The Middle East will continue to witness a surge in demand for real estate over the next three years, the UAE’s largest provider of real estate finance said at Cityscape Abu Dhabi today. Wasim Saifi, CEO of Tamweel PJSC, the UAE’s largest provider of real estate finance, indicated that economic growth in the city of Abu Dhabi is expected to generate additional demand for housing units in excess of 96 thousand units by 2012 while supply of substantial numbers of housing units will only commence in 2011.
The demand for additional commercial space is estimated at around 1.6 million square meters in 2007 and will grow at the rate of 1.5 million square meters per year over the next 3 years.
Speaking on the sidelines of the Cityscape Abu Dhabi exhibition and conference, the Tamweel CEO also outlined the drivers of demand and the impact of supply on the Middle East real estate market. The growing populations of the Middle East along with pent-up demand in countries like Saudi Arabia and Egypt are contributing to the growth of the real estate sector.
Governments around the region are focusing on the sectors that will further maintain the surge in demand through initiatives related to attracting tourism, industrial zones, and infrastructure revamping. This is accompanied by reforms and modernization of the regulatory frameworks.
“The demand for residential and commercial space in the region will remain high over the next three years, as the Middle East economic boom continues. With more and more businesses setting up in the region to capitalise on the business opportunities available here, the fast-growing population will continue to drive demand for real estate.
“Clearly, this also means that the real estate finance industry will also experience exponential growth. Tamweel will continue to partner with major developers in the region and provide innovative finance solutions, thus fostering the growth of the real estate sector at large.”
At Cityscape Abu Dhabi, Tamweel also announced it will offer exclusive finance to Manazel’s residential and commercial towers in the landmark ‘Building and Materials City’ in Abu Dhabi. Tamweel will provide up to 80 per cent finance for commercial properties and 90 per cent finance for residential properties in these towers.
Visitors to Cityscape Abu Dhabi can visit Tamweel’s stand A20 in Hall 5 to avail financing solutions.
Cityscape Abu Dhabi, the leading international property investment and development event takes will run until Thursday, May 15, 2008. With more than 85 countries represented, it is one of the world’s largest B2B real estate events.
