We are seeking to use Tawarq for Financing real Estate Funds
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Al Youm – Dammam
Al Oula Company and Tamweel UAE Company have signed articles of association of biggest partnership to establish real estate funding company in KSA. The new company contract has been signed off recently in Riyadh, the contract is signed by Shiek Khalid Bin Saqar Bin Zayid Al Nahian, Chairman of Board of Directors of Tamweel and Mr. Sulieman Al Muhadib Chairman of Board of Directors of Al Oula Company, at the presence of Mr. Ayid Al Qahtani, Managing Director of Al Oula Company and Mr. Al Shirawi the Executive President of Tamwel. Shiek Khalid Bin Saqar Bin Zayid Al Nahian, Chairman of Board of Directors of Tamweel reported that when Tamwee Company intended to expand, KSA selected to be the first station for us. Added that the partnership with Al Oula Company has been built on uniqueness of Al Oula Company in KSA through its investment activities in the previous years, its outstanding performance, besides, Al Oula from pioneer companies entered into the UAE market. He added that Al Oula have long term perspective that encourage Tamwel to engage in partnership with Al Oula, in order to enter into the Saudi market through real estate funding company. He confirmed that Tamweel is targeting to be the biggest financing company in KSA for real estate, as happen within 3 years Tamweel became company number one n real estate funding in UAE.
He also assured that the company will bring international expertise to achieve the projected objectives, through transfer of best experiences and practices in real estate funding sector, besides, upgrading of the company work in accordance with Saudi market requirements.
On the other hand Mr. Sulieman Al Muhadib, Chairman of Board of Directors of Al Oula Company explained, “ the partnership with Tamweel will add strongly to the funding sector, and the new company will work to meet the high demand of real estate funding product in the country”
Mr. Ayid Al Qahtani, Managing director of Al-Oula, reported “establishing of real estate funding company with such big company like Tamweel will help to cut short the way to know the market state, needs and its requirements to found company of strong foundations and future vision and be as nucleus for real estate funding companies.” He added “ the officials of the new company in KSA will work to make the company as leading one and with high impact and reflection on funding market to return benefit to the market.”
Mr. Adil Al Shirawi, the Executive Director of Tamweel, pointed, “ The Saudi market requires to 200 thousand annually and the demand increasing rapidly, where the supply delay, this situation lead to create qualitative shift in the main cities in the country.” He referred “ this standard pointing to presence of market force and qualitative shift in the real estate sector, that will assist in success of any sector concerning of market.” He added, “ Tamwel will use its expertise in serving the customer.”
Mr. Al Shirawi confirmed “ Tamweel will work to the real estate financing funds and sell them in the foreign market to maintain minimum variance in price and to obtain more profit margin, that will help in providing superiority of Tamweel over competitors in real estate funding sector.”