Mortgage finance firm Tamweel yesterday launched a new real estate finance company in Saudi Arabia, after signing a joint venture agreement with Al Oula Real Estate Development.
"The Saudi market is set to be the first stage in Tamweel's expansion plans. Our partnership with Al Oula Real Estate Development is based on the company's strong performance and its investment portfolio in the Saudi market," said Tamweel Chairman Sheikh Khaled bin Zayed bin Saqer Al Nehayan said in a statement "Al Oula Real Estate Development is also among the first institutions to enter the UAE market, where it managed to establish successful business alliances," he said.
Tamweel aims to establish itself as the biggest real estate finance firm in the Saudi market, reflecting its experiences in UAE, where it became the biggest real estate finance provider within three years.
The partnership will help enhance standards in the real estate finance field and meet the requirements of the Saudi market, said the statement.
"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," Sheikh Khaled said.
"The new company will conduct studies to track the supply and demand factors of the real estate market. This will help us create a comprehensive picture of the sector and set up a mechanism to offer the best services."
© Emirates Today 2007
