Foreign investor decision boosts Tamweel

by Jennifer Aaron Sunday, 08 April 2007

Shares in Tamweel, one of the UAE's largest mortgage providers, closed up 5.19% today following the announcement that foreign investors will be allowed to own up to 40% of the company.

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The Dubai-based Islamic mortgage lender has upped the number of shares permitted to foreign investors from 21% to 40% in a move to broaden its investor base.
Although the share price peaked at AED 3.87, at the end of play today it closed at AED 3.85.

In the last week, Tamweel's share price has risen by 12.39%, outperforming the DFM General Index as a whole, which was up 1.71%.

"There is a great appetite for mortgage finance companies in the region. Tamweel has announced this at the right time as valuations are looking very attractive," said analyst Ahmeed El Hiffnauy, who heads up the trading regional desk for EFG-Hermes.

El Hiffnauy added: "The rise in the share price shows there is a change in sentiment among retail investors. This shows people are willing to put money in the market."

Tamweel's announcement follows in the wake of Abu Dhabi-based Sorouh Real Estate which also announced that it would allow foreigners to own up to 20% of its shares, a month after Aldar Properties approved a measure to give foreigners the right to up to 40% of its shares.



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