Tamweel Properties & Investments signs master agreement with Al Hanoo Holdings

This represents the largest project by market value for Tamweel to finance. This exclusive finance agreement also underlines the efforts of Tamweel's newly launched property and investment subsidiary in supporting the ongoing development of the property sector in Sharjah.

This agreement follows on the heels of Tamweel's purchase of Dhs1.93bn of land of 135 plots in the Al Jadaf area of Dubai last year, which at that time, marked the largest in the history of the Dubai Land Department.

Located on the Sharjah waterfront, adjacent to the Hamriyah Free Zone, Nujoom Islands will cover 60 million square feet of prime coastal land, and is the first project of its kind in the rapidly developing emirate. An integrated tourism and residential community, including a wide range of individual districts, Nujoom Islands will accommodate some 40,000 residents upon completion.

This environmentally sensitive project, which is wholly owned and master developed by Al Hanoo Holdings through an independent subsidiary, Nujoom Islands Co., will extend the existing coastal area of Hamriyah more than 10-fold. Stretching across some 33 kilometres of prime beachfront, roughly 60% of Nujoom Islands will be uninhabited and feature landscaped beaches, gardens and parks.

'On behalf of Tamweel Properties & Investments, I am delighted to announce the signing of our largest brokerage agreement, which comes just weeks after this Tamweel subsidiary was launched,'

said Abdulla Nasser Abdulla, Chief Executive Officer, Tamweel Properties & Investments.

'This partnership with Al Hanoo Holdings, which covers all properties at Al Nujoom Islands, will allow us to make a significant contribution to the ongoing development of Sharjah's real estate sector, and comes as a sign of the signal opportunities that lie ahead for us. We are delighted to break ground as a company by linking with one of the region's largest developers on what promises to be a truly exceptional waterfront community.'

'Based on the exceptional track record of Tamweel and the experienced senior management team at Tamweel Properties & Investments, we are confident that this agreement will support the success of Al Nujoom Islands, Sharjah's most prominent upcoming luxury development,'

said Sheikh Abdullah Al-Shakra, Chairman, Al Hanoo Holdings.

'Introduced in three stages over a period of five years, Al Nujoom Islands will boast an ecologically sound waterway system that will link this new residential and commercial community.'

He added, 'Engineering studies have been implemented by global consultants to develop an ecologically sound waterway system that draws in seawater through a state of the art filtration and circulation system. We are very pleased to partner with Tamweel Properties & Investments, and look forward to working closely with them in the months and years to come.'

Tamweel Properties & Investments was recently established with a paid-up capital of Dhs400m and assets under management in excess of Dhs4bn. Abdulla Nasser Abdulla, CEO of the new company, continues to serve in his current role as Deputy Group CEO of Tamweel.