Tamweel chief executive Adel Al-Shirawi issues $ 300 million global financial instruments
Tamweel announced the launch of a $ 300 million Global financial instruments in the third quarter of 2006.
Adel Al Shirawi, Chief Executive Officer of Tamweel, said: "We are now looking at the best way to build capital and provide returns and value added to shareholders. The issuance of these Sukuks will further enhance the flow of financing and we look forward to a strong demand for these Sukuk by investors. Our decision to cooperate with Emirates National Bonds and Finance Company (ENSEC) stems from their position in this field. We have also engaged a number of international companies to contribute to this process in accordance with the highest international standards. "
Mohamed Stouda, CEO of ENSEC, said: "Tamweel's landmark transaction will introduce the Dubai real estate market to the world's fixed-income markets. This will help companies in Dubai diversify their sources of financing and thus significantly reduce financing costs.
It is worth mentioning that Tamweel is one of the first companies in the region to move towards a global securitization process in order to provide international standards in accordance with Islamic Shari'a principles and support the secondary finance market in the region.