The contract sees the cooperation between two of the UAE's leading institutions come together in a strategic partnership that will facilitate the home buying process for both individuals and investors.
In accordance with the agreement, Dubai Islamic Bank will provide home finance to buyers of five of Tameer's current projects, namely the Princess Tower and Elite Residence both located in Dubai Marina, the Palace Towers in Dubai Silicon Oasis, the Imperial Residence located in Jumeirah Village and the Regal Tower in Business Bay. Further plans are also underway for Tameer's other Business Bay project, the Silver Tower to be added to the list.
Omar Ayesh, President of Tameer Holding, said of the agreement, "We are pleased with the confidence that Dubai Islamic Bank has shown in us and in our vision for the continued development of the region's property sector. At Tameer, we are all about building true homes, and the support of institutions of this caliber resonates with that vision. We are proud to join hands with Dubai Islamic Bank in helping homebuyers realize their dreams."
Omar Ayesh added, "Our alliance with the UAE's leading intermediaries, not only reflects the growing maturity of Tameer as one of the region's most noteworthy realty company's, but it also displays the high level of confidence our organization has garnered from our industry's pears."
On the other hand, Mr. Nasser Al Awadhi - Senior Vise President, Head of Branches, DIB said, "It is with pleasure that we welcome Tameer to join our panel of approved developers. A partnership such as this holds many benefits for all involved and we look forward to enabling our mutual customers to achieve their dreams of having their own homes."
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Tameer signs landmark finance agreement with Dubai Islamic Bank
- United Arab Emirates: Saturday, February 09 - 2008 at 14:06
- PRESS RELEASE
Tameer Holding, the region's leading real estate company, has signed a Memorandum of Understanding with Dubai Islamic Bank, the leading financial institution in the UAE that provides Shari'a compliant products and services, whereby the bank will provide home finance to buyers of a number of Tameer's projects across Dubai.
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About TameerThe journey of Tameer began in 1991. This UAE-based company has grown over the years, with the aim of becoming the leading property developer in the region. In 2005, Tameer Holding formed a strategic partnership with Al-Rajhi Investment Group and today the firm's investment portfolio in the realty market totals over dhs150 billion. Currently, Tameer Holding is developing key projects in the UAE, such as its signature development "AlSalam City" in Umm Al Quwain, and "Al Ameera Village" in Ajman, with "Princess Tower", the world's tallest residential tower, located in Dubai Marina. This was followed by other key projects in Dubai such as the "Al Dana 1 & Al Dana 2" projects, "Al Shahd" Tower on the Emirates Hills, "Al Jawzaa" in International City, The Palace Towers in Dubai Silicon Oasis, "Elite Residence" in Dubai Marina and "Imperial Residence" in Jumeirah. The "Regal Tower", the "Silver Tower" and the "Platinum Tower" in the heart of Dubai Business Bay and the "Tameer Towers" and the "Gate" projects in Shams Abu Dhabi located in the capital's Reem Island.
About Dubai Islamic Bank
"Dubai Islamic Bank has the unique distinction of being the world's first fully-fledged Islamic bank, a pioneering institution that has combined the best of traditional Islamic values with the technology and innovation that characterise the best of modern banking. Since its formation in 1975, Dubai Islamic Bank has established itself as the undisputed leader in its field, setting the standards for others to follow as the trend towards Islamic banking gathers momentum in the Arab world and internationally.
Islamic banking and finance is now one of the world's fastest-growing economic sectors that comprise more than 400 institutions with assets under management in excess of $1 trillion.
For more information, please contact:
Hunada Zein Edin
Corporate Communications Manager
Marketing Department
Tel.: +971 6 599 5159
Rola Shalak
Assistant Manager, Corporate Communications
Marketing Department
Tel: +971 6 599 5161
Serine Srouji
Account Manager
SAHARA PR
Tel.: +971 4 3298995
Posted by Medilyn Manibo, Assistant News EditorSaturday, February 09 - 2008 at 14:06 UAE local time (GMT+4)
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