Executive Director Adel Al Shirawi of Tamweel confirms that it has joined Naeem Holding for the real estate finance sector in Egypt
Adel Al Shirawi, Chief Executive Officer of Tamweel, said that the company is waiting for the licensing process to be completed by the Mortgage Finance Authority to start operating in Egypt during the second quarter of this year. Tamweel UAE and Naeem Financial Investments started preparing to join the real estate sector The Egyptian market with a paid up capital of LE 100 million each.
Al-Shihrawi declined to say whether there were local partners in the structure of the new company's shareholders. He said the announcement of the details would follow the completion of the license. Al-Nahar learned that Tamweel's paid-up capital in Egypt is 100 million pounds, Licensed to LE 1 billion
While sources close to the company said it would establish its new company in Egypt alone without local or regional partners. Negotiations between Tamweel and Commercial International Bank of Egypt took place a few months ago to establish a real estate finance company in accordance with the provisions of the Islamic Shari'a. However, it did not succeed and the UAE company began to feel its steps in the Egyptian market and identify the determinants of its work through the organization of activity Before the end of 2006, in order to move to the Egyptian market by competing with Amlak from Dubai.
On the other hand, Naeem Financial Investments has started preparing to apply for a license to practice real estate finance with a paid up capital of LE 100 million and licensed by one billion pounds. Al-Nahar learned that Ahmed Naeem, a member of Naim's board of directors, The structure of the shareholders of Naeem Real Estate Finance Company includes a number of Arab investment banks and funds.
Source: Al-Nahar Newspaper