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Friday, November 27 - 2009

Tamweel and Bin Manana Group agree on terms to extend financing to Lam Tara Towers

  • United Arab Emirates: Tuesday, November 14 - 2006 at 14:58
  • PRESS RELEASE

Tamweel PJSC, the UAE's leading residential and commercial real estate finance provider, announced today that it signed an agreement with Bin Manana Investment Group to extend financing to the newly launched state-of-the-art commercial units at Lam Tara Towers, a twin-tower development located on Sheikh Zayed Road.

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  • Obaid Saeed Bin Manana, Managing Director of Bin Manana Investment Group, left, and Adel Al Shirawi, CEO of Tamweel.
    Obaid Saeed Bin Manana, Managing Director of Bin Manana Investment Group, left, and Adel Al Shirawi, CEO of Tamweel.
The mortgage finance provider for this visually stunning development, Tamweel is offering up to 75% financing for prospective business entities at the 60-storey commercial tower.

Lam Tara, developed by the Dubai-based Bin Manana Investment Group, will include 60 floors of office space in the first tower and 70 floors in the residential tower. The development is situated on a prime Sheikh Zayed Road location, opposite Burj Dubai and overlooking Interchange 1.

"We are extremely proud to be associated with this development at this prime business location in the heart of Dubai's business community," said Adel Al Shirawi, Chief Executive Officer of Tamweel. "This offer proves again our commitment to commercial real estate development in the emirate and across the UAE."

He added:

"The availability of high-quality and affordable commercial real estate is crucial for the ongoing economic development of Dubai. More prime office space, such as that offered at Lam Tara and financed by Tamweel, means more new businesses can set up here. More new businesses, of course, means even greater economic growth. This is a virtuous cycle - and it is driven by the availability of commercial real estate."
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Notes and media contacts

About Tamweel PJSC:
Tamweel, the leader in residential and commercial real estate finance in the UAE, was established in March 2004 and became a public joint-stock company in June 2006. A provider of a wide range of unparalleled customer-service solutions and innovative home finance products, Tamweel works with 235 partners across country. The company, which aims to become the regional home finance leader, currently has branches in Dubai, Sharjah and Abu Dhabi.

For further information, please contact:
Marlene Salloum,
Tamweel PJSC
Dubai, UAE
Tel: +971-4-2026469
Fax: +971-4-2944331

Nicholas Nesson/Bakul Gala
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-50-4785324 / 50-2459547
Fax: 971-4-3356080

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