Tamweel profits suggest Dubai property recovery

14/02/2011 - Dubai Property News Posted by Neil King
Tamweel profits suggest Dubai property recovery

Tamweel PJSC, one of Dubai's leading home finance providers has announced its yearly profits for 2010.

The company reported on Sunday that it had made a net profit of AED 26 million, compared with losses of nearly AED 54.4 million the previous year.

Following a significant increase in the equity stake in the company by Dubai Islamic Bank, the provider confirmed in November it would offer up to 80 per cent financing of the current value of ready residential properties in Dubai and Abu Dhabi.

It also extended its financial offerings to salaried and self-employed residents who met certain criteria.

January saw the company launch a promotional finance offer starting at just 4.99 per cent per annum.

Abdulla al-Hamli, chairman of Tamweel, said that the company was "extremely pleased" with the results and that Tamweel had experience a "milestone" year.

"Following a period of international and regional financial uncertainty, the global economic outlook has improved substantially, and we are witnessing signs of sustained recovery in the UAE, including in the property market," he said.ADNFCR-2019-ID-800403876-ADNFCR