Sheikh Khalid Al Nahyan signs the contract with Suleiman Al Muhaideb in the presence of Ayed Al Qahtani, Adel Al Shirawi and Ibrahim Al Assaf

Sheikh Khalid Al Nahyan signs the contract with Suleiman Al Muhaideb in the presence of Ayed Al Qahtani, Adel Al Shirawi and Ibrahim Al Assaf

The first contract was signed in Riyadh by Sheikh Khalid Bin Saqr Bin Zayed Al Nahyan, Chairman of Tamweel and Sulaiman Al Muhaideb, Chairman of the Board of Directors. The first company, in the presence of Ayed Al-Qahtani, Managing Director of the first company, and Al-Shirawi, Chief Executive Officer of Tamweel, and Sheikh Khalid Bin Saqr Al Nahyan, Chairman of Tamweel, said that when Tamweel wanted to expand, the Kingdom was the first station. Distinguish the first In the Kingdom through investment movements over the past years, good performance, in addition to being one of the first companies that have entered the UAE market. He added that the former had a long-term view, which prompted Tamweel to enter into a partnership with Al-Iula to enter the Saudi market through a real estate finance company.

Tamweel aims to be the largest real estate finance company in the Kingdom through its new company with Al Aula Saudi Arabia, as it has achieved the financing of the first rank as the largest real estate finance company in 3 years in the UAE.

He added that the company will strive to bring international expertise to achieve the desired objectives through the transfer of best practices and experiences in the real estate finance sector, in addition to developing the company's work according to the requirements of the Saudi market.

Adel Al-Shirawi, Tamweel's chief executive, said the Saudi market needs 200,000 annually and demand is increasing while the supply is lagging, making a quantum leap in the country's main cities. The presence of a qualitative boom and market strength in the real estate sector, which helps the success of any market sector, noting that Tamweel will use its expertise in the service of the client.

He said Tamweel will securitize the real estate portfolios and sell them in foreign markets to maintain a lower price differential for a more profitable margin, which will help provide financing to competitors in the mortgage sector.

Sulaiman Al Muhaideb, Chairman of Al Oula Development, said: "The partnership with Tamweel will add strength to the financing sector and the new company will cover the huge demand for the country's mortgage product.

While Ayed Al-Qahtani, managing director of the first company, said that the establishment of a real estate finance company with the participation of a major company such as Tamweel will help shorten the way to know the market situation and know its needs and requirements to find a company with strong fundamentals and outlook will be the nucleus of mortgage companies. In Saudi Arabia will work to be a company of the leading companies with a significant impact and reflection on the market for financing to benefit the market.

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