20 per cent cash dividend approved at Tamweel AGM

The AGM was held in the presence of representatives of the UAE Ministry of Economy and Emirates Securities and Commodities Authority.

The Extraordinary General Meeting (EGM) has been deferred to April 7, 2007 as the EGM quorum was not achieved.

During the Annual General Meeting, the assembly approved the distribution of a cash dividend of 20 per cent of the company's share capital, amounting to AED 200 million. The assembly also reviewed and discussed the Director's report, auditor's report and the report of the Fatwa and Sharia Supervisory Board.

Sheikh Khaled bin Zayed bin Saqer Al-Nehayan, Chairman of Tamweel, said: "This has been an extraordinary year for Tamweel, and we are very pleased to share that success with our shareholders. The company's growth has come in parallel with the ongoing economic development and diversification of the UAE as a whole. We look forward to making a continued contribution to the growth of the country and the realisation of the individual dream of home ownership."

Adel Al Shirawi, Chief Executive Officer of Tamweel, said: "We are honoured to host the first Annual General Meeting of Tamweel as a Public Joint Stock Company, a landmark event in the firm's corporate history. The dividend approved today makes Tamweel a great value stock, providing the highest dividend yield in the market. Tamweel is also clearly a growth stock as evidenced by the triple-digit growth in our core business. We are focusing on providing both superior value for our shareholders and long-term corporate growth."

He continued: "We are grateful to our shareholders for their faith in the vision and management of Tamweel. Combining innovative products and operational excellence has made Tamweel the leader in home finance in the UAE. As we look ahead to the coming year, the company is eager to replicate its success here in new markets in the region."

The company's net profit during 2006 touched AED 851.8 million, an increase of 1,918 per cent compared to AED 42.2 million during 2005, the core business profit rose to AED 153 million which is 315 per cent growth. Earnings per share rose to AED 1.11 up from AED 0.12. Islamic financing and investing assets in 2006 rose to AED 2.584 billion compared to AED 1.303 billion the previous year, an increase of 98 per cent. Income from Islamic financing and investing assets in 2006 surged to AED 128.5 million, registering growth of 178 per cent compared to AED 46.2 million in 2005.