| 10 May 2008 |
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Tamweel signs agreement with Al Tamimi Investments to finance commercial towers in MotorCity
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Agreement to provide up to 80 per cent finance to two commercial towers - Daytona House and Detroit House
MotorCity to offer 38-million square foot automobile and motorsport themed-development
Underlines TamweelTamweel
's commitment to commercial real estate financing solutionsDubai, May 10, 2008: TamweelTamweel
PJSC, the UAE's largest provider of real estate finance, today announced a landmark agreement with Al Tamimi InvestmentsAl Tamimi Investments, a Dubai-based diversified investment company that is developing commercial projects in MotorCity. As per the terms of the agreement, TamweelTamweel will provide up to 80 per cent finance for Al TamimiAl Tamimi's commercial towers - Daytona House and Detroit House launched in MotorCity.Strategically located in the heart of MotorCity, the two towers are scheduled for completion in 2009, and will be managed under TamweelTamweel's Escrow Management Services.
MotorCity offers a rich diversity of quality living and working environments all within one uniquely designed development with a host of facilities such as residential complexes, shopping malls, entertainment as well as dining and retail outlets. Daytona House and Detroit House are perfectly placed for companies in industries as diverse as automotive, hospitality, engineering, petrochemicals and IT communications. Both the buildings will provide companies and investors the perfect opportunity to shift into top gear in the most exciting development of Dubai.
Commenting on this new partnership agreement, Wasim Saifi, Chief Executive Officer, TamweelTamweel, said: "As the exclusive financier of the commercial towers launched in MotorCity, TamweelTamweel is pleased to provide innovative real estate financing solutions to the customers of Al TamimiAl Tamimi. Projects such as MotorCity involve a diverse mix of business, residential and sporting facilities, and require innovative financing solutions like those offered by TamweelTamweel. We are confident that our solid track record, including industry-first products, strong local presence, customised financing options and a wealth of market expertise, will prove immensely beneficial to buyers of Daytona and Detroit House."
He added: "The demand for commercial properties in Dubai will remain high for the next three years. We estimate a demand of over six million sq. ft of commercial space every year for the next three years, and are geared to capitalise on this market opportunity."
has provided over AED 11 billion in financing and has been involved in the development of some of the most prominent projects in the UAE. Essam Al TamimiAl Tamimi, Executive Chairman, Al Tamimi InvestmentsAl Tamimi Investments, said: "We are pleased to partner with a market leader such as TamweelTamweel in financing the Daytona and Detroit Towers in MotorCity. Based on TamweelTamweel's credentials and their ability to provide the right mix of financing solutions, we look forward to working with TamweelTamweel in offering the best deals for our customers, and collaborating on many such exciting projects in the future."
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About TamweelTamweel PJSC:
TamweelTamweel PJSC, the highest-rated non-banking financial institution in the region (rated A by Fitch and A3 by Moody's) is the largest provider of real estate finance in the UAE by market share and asset size. TamweelTamweel was established in March 2004, became a public joint stock company in June 2006 and was listed on the Dubai Financial Market in July 2006.
TamweelTamweel is a provider of a wide range of unparalleled customer-service solutions and innovative home finance products, working with 300 partners across the UAE. The company, which aims to become the regional home finance leader through its expansion plans into Saudi Arabia, Egypt and other countries in the MENA region, has branches in Dubai, Sharjah and Abu Dhabi, as well as in Saudi Arabia and Egypt. For more information, please visit www.tamweel.ae
About Al Tamimi InvestmentsAl Tamimi Investments Ltd
Al Tamimi InvestmentsAl Tamimi Investments is a diversified Dubai holding company with an extensive investment portfolio, operating across the Arabian Gulf and the wider Middle Eastern region. We are a dynamic company with a range of significant competencies, including real estate development and management, construction, maritime leisure craft services, corporate business services, light industrial production, hospitality and e-commerce. Established in 2006, Al Tamimi InvestmentsAl Tamimi Investments fosters mutually beneficial and long-term partnerships with other strategically focused companies and institutions. We work with our partners to plan, develop and build high quality real property assets which deliver genuine capital appreciation and long-term returns. For more information, please visit www.tamimiinvestment.com
For further information on Al Tamimi InvestmentsAl Tamimi Investments Ltd, please contact:
Rachael Wunsch
General Manager
Al Tamimi InvestmentsAl Tamimi Investments Ltd
Dubai, UAE
Tel: 971-4-3317161
Fax: 971-4-3317550
Email: rachael@tamimiinvestment.com
For further information on TamweelTamweel, please contact:
Nabil Abou Alwan
Head of Marketing & Product Development
TamweelTamweel PJSC
Dubai, UAE
Tel: 971-4-2944400
Fax: 971-4-2944331
E-mail: nabil.aboualwan@tamweel.ae
Nicholas Nesson / Sudha Hemmad / Gunjan Chaurasia
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-335969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com / s.hemmad@asdaa.com / g.chaurasia@asdaa.com
© Press Release 2008
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