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From Left to Right: Osama Saleh, Chairman of Egypt’s Mortgage Finance Authority hands over the license to Wasim Saifi, Tamweel’s Chief Executive Officer. |
- Handover occasion held in Cairo
- Fully-owned Tamweel subsidiary to start operations in Q2 2008
- UAE mortgage leader to introduce innovative solutions to high-growth Egyptian market
At a special handover occasion held in the Egyptian capital, the Chief Executive Officer of Tamweel was presented with the company’s mortgage finance license by the Chairman of Egypt’s Mortgage Finance Authority (MFA). Wasim Saifi, Tamweel’s CEO, received the license from Osama Saleh, Chairman of the MFA, formally signalling Tamweel’s intention to launch operations shortly in the Arab world’s most populous nation.
Tamweel, the largest provider of real estate finance in the UAE, is expanding its geographic reach outside the borders of its home market as it implements its regional leadership strategy. A fully-owned subsidiary of Tamweel, the Egyptian company is expected to begin operations in the second quarter of this year with an authorised capital of 500 million Egyptian pounds (EGP), or Dh333.4 million, and an issued capital of EGP 100 million, or Dh66.7 million.
Tamweel announced record profits of Dh451 million for 2007, the third consecutive year that it has tripled its profits. By 2011, Tamweel anticipates international operations contributing 20-30% of total revenues.
