| 06 Oct 2008 |
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Tamweel CEO highlights future prospects for real estate finance sector at Cityscape Dubai
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Delivery delays anticipated in 2008 and 2009 stand in excess of 20,000 units, pushing back demand-supply equilibrium to 2011
Expects mortgage demand to reach 40 per cent of property sales value by 2011
Estimates total value of off-plan and resale properties to touch AED 430 billion by 2011
PJSC, the largest provider of real estate finance in the UAE, addressed the most crucial issues facing the Middle East real estate finance industry today in a discussion at Cityscape Dubai. Wasim Saifi, Group Chief Executive Officer of TamweelTamweel, outlined the challenges facing the mortgage finance industry when he spoke at the Cityscape conference. Saifi discussed the regional property market's way forward, future prospects for real estate finance sector and the challenges facing mortgage finance providers in the region. He also released TamweelTamweel
's outlook on the UAE property market, which continues to post steady growth based on demand from investors and residents alike. TamweelTamweel's latest research on demand and supply in UAE property shows that delivery delays anticipated in 2008 and 2009 stand in excess of 20,000 units, pushing back the demand-supply equilibrium to 2011.
According to the research, mortgage demand in the UAE is likely to reach 40 per cent of property sales value by 2011 and the estimated total value of off-plan and resale properties in the UAE will touch AED 430 billion by 2011.
Saifi said: "The fundamentals of the UAE property market growth are healthy driven by increasing population and new businesses setting up here. The overall regional market is still in an expansion stage. However, given the global credit crisis, mortgage providers are facing challenges to raise funds due to term mismatch between available funding sourcing and finance tenors. This creates a need for mortgage refinance entities and long-term liability instruments."
In its seventh year, Cityscape Dubai attracts regional and international investors, property developers, government and development authorities, leading architects, designers, consultants and professionals involved in the property industry. Last year, nearly 850 exhibitors showcased their projects and services to 51,855 professionals from 136 countries at Cityscape Dubai.
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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
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
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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