Tamweel has received its mortgage finance license from Egypt’s Mortgage Finance Authority (MFA).

Tamweel’s CEO Wasim Saifi received the license from chairman of the MFA Osama Saleh formally signalling Tamweel’s intention to launch operations shortly in the Arab world’s most populous nation.

Tamweel, the largest provider of real estate finance in the UAE, is expanding its geographic reach outside the borders of its home market as it implements its regional leadership strategy, said an official spokesman.

A fully-owned subsidiary of Tamweel, the Egyptian company is expected to begin operations in the second quarter of this year with an authorised capital of EGP 500 million ($92.75 million), and an issued capital of EGP100 million.

“This is a landmark moment in the history of Tamweel, and we are extremely grateful to the Mortgage Finance Authority and, in particular, Osama Saleh, for facilitating our entry into this thriving market,” Saifi said.

“On behalf of the Mortgage Finance Authority, I am delighted to present Tamweel with its license to launch operations in the great nation of Egypt,” said Saleh.

Under the umbrella of its international registrations, Tamweel’s fully-owned subsidiary has initiated local registration of its corporate name and logo in Egypt under the name “Tamweel Egypt for Real Estate Finance SAE” and will operate in Egypt under the same name.

Recently, Tamweel signed an agreement with Al Oula in Saudi Arabia, where the company expects to open a subsidiary later this year.

Tamweel announced record profits of Dh451 million for 2007, the third consecutive year that it has tripled its profits. By 2011, Tamweel anticipates international operations contributing 20 to 30 per cent of total revenues. – TradeArabia News Service