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Tanmiyat Group and Tamweel sign a mortgage agreement

United Arab Emirates: Monday, September 03 - 2007 @ 14:13

The mortgage facility agreement between Tanmiyat and Tamweel has been signed for the end users of Tanmiyat’s Living Legends project in Dubailand; now world famous, the Living Legends Project is one of the pillar projects of the group and is being developed in the UAE as a free hold property. Other projects that Tanmiyat is developing in the UAE include the Commercial Heights in Business Bay, and the soon to be launched Ajman Marina Project. Tanmiyat has also recently launched two new projects in KSA which include Al Khalidiyah and Al Mohamadiyah, both prestigious in nature and location.

Sheikh Sulyman Bin Abdul Aziz Al Majed, Chairman, Tanmiyat Group, said:

“Tanmiyat is honoured to be joining hands with Tamweel, as a strategic business development partner, for upcoming real estate development projects in the region. With its offices in Riyadh, Dubai and Istanbul, Tanmiyat is developing major real estate projects in the Kingdom of Saudi Arabia, the United Arab Emirates and Turkey.”

Adel Al Shirawi, Chief Executive Officer of Tamweel said, “We are pleased to be the sole finance provider for Living Legends, a prestigious project by Tanmiyat Group. This development near Dubailand, with its architectural landscape and intricately designed buildings and fine finishing, is a great opportunity for investors and end users alike. Both Tamweel and Tanmiyat are in a phase of rapid regional expansion and we look forward to working together on more exciting projects in the future.”

Dr. Rasim Kaan Aytogu, Executive Director, Tanmiyat Group also mentioned: “Tanmiyat, one of the giant players in real estate development and investment, is proud to cooperate with Tamweel on strategic business development for Tanmiyat’s UAE-based projects. Tanmiyat Group is also in the process of developing a Shariah-compliant securitised finance product with major international financial institutions for its mega-projects in the UAE and thereby plans to extend its contributions to the economic development of KSA and the UAE by creating new and innovative development projects.”

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Monday, September 3- 2007 @ 14:13 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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