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Sun 13 Feb 2011 06:18 PM

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Dubai’s Tamweel swings to full-year net profit of AED26m

Home loans company is seeing signs of recovery in the UAE’s battered real estate market, says CEO

Dubai’s Tamweel swings to full-year net profit of AED26m
Tamweel effectively became a subsidiary of Dubai Islamic Bank in September, when the lender raised its stake from 21 to 57 percent
Dubai’s Tamweel swings to full-year net profit of AED26m
(Getty Images)

Tamweel, the Dubai Islamic home loans company, swung to a net
profit of AED26m in 2010 after a loss of AED54.5m a year earlier, it said in a
statement on Sunday.

"Following a period of international and regional
financial uncertainty, the global economic outlook has improved substantially,
and we are witnessing signs of sustained recovery in the UAE, including in the
property market," the firm's chairman Abdulla Al Hamli said in a statement
to the Dubai bourse.

The company, which is majority owned by Dubai Islamic Bank,
said that income from Islamic financing and investing assets fell to AED553.2m in
the period from AED706.6m in 2009.

Reuters data also showed the firm saw a 27.3 percent drop in
fourth quarter net profit to AED8m, down from AED11m in the year-earlier
period.

Tamweel effectively became a subsidiary of Dubai Islamic
Bank in September, when the lender raised its stake from 21 to 57 percent.

The company in January launched a promotional mortgage offer
at 4.99 percent per annum on up to 80 percent of the value of completed
properties in Dubai and Abu Dhabi.

It said it hoped to capitalise on increasing signs of
confidence in the UAE’s property market.

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Farida 9 years ago

Good news to the property market and good that it is back to the market. it is powerful enough to get the market back.