UAE real estate financier, Tamweel, clocks net profit of Dh573mn in first nine months of 2008
Biggest real estate finance provider in the UAE, Tamweel PJSC, announced its monetary report card for the third quarter of 2008. Firm’s net profits for the first nine months of 2008 touched Dh 573 million, a jump of 135 per cent compared to Dh 244 million for the first nine months of last year, Sheikh Khaled bin Zayed bin Saqer Al-Nehayan, Chairman of Tamweel, said.
Sheikh Khaled bin Zayed bin Saqer Al-Nehayan said: "In the face of the ongoing challenges to the stability of the global economy, we are pleased to announce yet another quarter of strong financial performance. Tamweel’s consistent results are driven by its focus on its core mortgage business, significant market expertise and diverse product portfolio."
The share of mortgage financed transactions in the UAE is likely to reach 40 per cent of property sales value by 2011 as opposed to the current share of approximately 25 per cent, according to Tamweel’s latest research. Consequently, the growth opportunities for mortgages are expected to remain buoyant in the next three years. Net profits for the third quarter of 2008 stood at Dh 185.7 million, an increase of 37 per cent compared to Dh 136 million in the third quarter of 2007.
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