Tamweel closes syndicated bank facility
Tamweel has closed a $235 million syndicated bank facility, which was subscribed to by both regional and international financial institutions, including some from the Far East.
“In this period of marked global financial instability, the international financial services community is more eager than ever to tap opportunities in high-growth emerging markets, especially the UAE,” says Vishnu Deuskar, Head of Global Markets at ABN Amro’s UAE operations.
ABN Amro and Noor Islamic Bank served as lead arrangers and joint book-runners for the transaction, priced in both dollars and dirhams and reaching maturity in three years.
This financing facility comes close to Tamweel’s closure of a $300 million exchangeable sukuk issue, whose order book was oversubscribed within hours of announcing in January. “The pricing, tenor and coverage of this facility are all extremely competitive, especially considering today’s challenging global economic environment,” notes Gaurav Agarwal, Chief Financial and Support Services Officer at the mortgage company.
The funds will come in handy for Tamweel’s overseas expansions, expected to contribute 30 per cent of total revenues by 2011. in February, it formalized plans to launch operations in Egypt by receiving a license from the Egyptian Mortgage Financial Authority. The launch of full-scale operations is set for the second quarter.
Tamweel already has a joint venture agreement with the Al Oula Development Co in Saudi Arabia.
Tamweel has recorded net profits of Dh176.34 million in the first three months of 2008, which represents a 246 per cent increase on the Dh50.47 million recorded last year. Islamic financing and investing assets rose to Dh6.63 billion from Dh3.01 billion a year before.
Also in the first quarter, Tamweel booked Dh2.54 billion in financed properties, while the accumulated financing assets has totaled Dh11.52 billion.
“In this period of marked global financial instability, the international financial services community is more eager than ever to tap opportunities in high-growth emerging markets, especially the UAE,” says Vishnu Deuskar, Head of Global Markets at ABN Amro’s UAE operations.
ABN Amro and Noor Islamic Bank served as lead arrangers and joint book-runners for the transaction, priced in both dollars and dirhams and reaching maturity in three years.
This financing facility comes close to Tamweel’s closure of a $300 million exchangeable sukuk issue, whose order book was oversubscribed within hours of announcing in January. “The pricing, tenor and coverage of this facility are all extremely competitive, especially considering today’s challenging global economic environment,” notes Gaurav Agarwal, Chief Financial and Support Services Officer at the mortgage company.
The funds will come in handy for Tamweel’s overseas expansions, expected to contribute 30 per cent of total revenues by 2011. in February, it formalized plans to launch operations in Egypt by receiving a license from the Egyptian Mortgage Financial Authority. The launch of full-scale operations is set for the second quarter.
Tamweel already has a joint venture agreement with the Al Oula Development Co in Saudi Arabia.
Tamweel has recorded net profits of Dh176.34 million in the first three months of 2008, which represents a 246 per cent increase on the Dh50.47 million recorded last year. Islamic financing and investing assets rose to Dh6.63 billion from Dh3.01 billion a year before.
Also in the first quarter, Tamweel booked Dh2.54 billion in financed properties, while the accumulated financing assets has totaled Dh11.52 billion.
No comments:
Post a Comment