Al Rajhi Group acquires 50 per cent stake in UAE-based property investment firm Tameer

Through this development, Al Rajhi has become the latest entrant into the lucrative property investment industry in the UAE, which is visualizing new projects and opportunities on a frequent basis.

Through a deal of undisclosed size but estimated at a few hundred million Dirhams, Al Rajhi Group embarked on this important partnership with Tameer Property. Tameer has succeeded in launching a number of large projects across different Emirates in the UAE, including the impressive Princess Tower in Dubai. With 100 floors, the Princess Tower is amongst the tallest residential towers in the region and is situated amongst the scenic Dubai Marina. In addition to this, Tameer also developed the Al Amira Tower, the highest tower in Sharjah located along the beautiful Al Buhaira Corcniche and Qasba Canal. Apart from commercial and residential developments, Tameer has also undertaken important industrial projects, including the pioneering Modern Emirates Industrial Area which encompasses an area of 80 million feet in Umm Al Quwain.

Mr. Ahmed Bin Sulayman Al Rajhi, the CEO of Al Rajhi Group, said, "We have been keenly observing the latest developments and progress within the property sector, especially in the UAE. After a lot of research and studies, we decided that the most suitable way to participate in the ongoing growth is to partner with a successful, dynamic property organization, distinguished by ambitious targets and high credibility in the market. Tameer has been rated as the fastest growing property company in the Gulf and met all our criteria. Therefore, we partnered with the leading property investment firm in venturing into the rapidly growing real estate industry in the region."

"Owning 50% of Tameer Property is proof enough that we aim to strongly enter the market to utilize the numerous opportunities available within the property sector in the UAE. The long history and the illustrious roots of the Al Rajhi Group combined with the creative and distinguished experience of Tameer will definitely result in the formation of an excellent property firm," added Al Rajhi.

Speaking about the agreement, Mr. Omar Ayesh, CEO of Tameer Property remarked, "In the past, we have been approached by numerous banks and trading organizations to purchase shares from Tameer, but we chose the renowned Saudi-based Al Rajhi Group. With diversified fields of activities including industrial, trading, and finance estimated at tens of billions of Dirhams, Al Rajhi has more than fifteen thousand employees. The firm's rich experience and distinguished name will definitely add value to Tameer through consolidating our achievements. There is no doubt that partnering with Al Rajhi will take Tameer to a different level, through large, innovative real estate projects that will hopefully be launched soon.

"Over a period of time, Tameer Property has become a well-recognized company in the region's booming property sector. Now, we are seeking to add new projects to the existing 15 projects, which are currently under development in different locations. We already have many large projects that will be launched during the current year. These developments are in line with the characteristics of our general framework of building the greatest property investment organization in the region. Of course, our alliance with Al Rajhi will be a crucial advantage in working towards our common goals and objectives, which will be achieved in the near future," added Ayesh.