RIYADH, 10 July 2007 -- Tamweel PJSC, the largest provider of real estate finance in the UAE, announced yesterday the launch of a new real estate finance company in Saudi Arabia, after signing a joint venture agreement with Al-Oula Real Estate Development.
The agreement was signed in the capital recently, between Sheikh Khaled Al-Nehayan, chairman of Tamweel and Suleiman Al-Muhaideb, chairman of Al-Oula Real Estate Development. Others who were present during the signing ceremony included Ayed Al-Qahtani, managing director of Al-Oula Real Estate Development and Adel Al-Shirawi, chief executive officer, Tamweel.
Khaled said: "Saudi Arabia is considered to be the largest among the real estate markets in the region. This market has great potential to achieve consistent growth, taking into consideration the local demographics as well as the exceptional performance of the Saudi economy."
Describing the Saudi market as the first step in Tamweel's expansion plans, he said the partnership with Al-Oula Real Estate Development is based on the company's strong performance and its investment portfolio in the Saudi market
By Mohammed Rasooldeen
© Arab News 2007
