Tamweel expects revenues and net profit continue to grow for 2008

Wasim Saifi, Group CEO, Tamweel, largest real estate finance provider in the UAE

Tamweel, the largest real estate finance provider in the UAE, is expecting that the revenues and net profit for 2008 to continue to grow in line with growth recorded in 2007. In the first half of 2008, Tamweel recorded net profits of Dh387.3 million; an increase of 259% compared to Dh108.03 million in the first half of 2007. Net profits for the second quarter of 2008 touched Dh210.95 million, an increase of 266% from Dh57.56 million in the second quarter of 2007.

Wasim Saifi, Group CEO, Tamweel, said, "During the first half of the year 2008, Tamweel has witnessed an increase of 68% in financing assets, growing phenomenally over the past few years. The net profit for the second half of 2008 is expected to grow at 15% over the first half of the year".

Income from Islamic financing and investing assets in the first half of 2008 increased to Dh350.28 million, up 151% compared to Dh139.72 million in the first half of 2007. Income from Islamic financing and investing assets increased to Dh210.77 million in the second quarter of 2008, up 169% compared to Dh78.49 million in the corresponding period in 2007. Islamic financing and investing assets in the first half of 2008 increased to Dh8.74 billion, an increase of 68% compared to Dh5.22 billion at year end 2007.