Dubai-based Islamic mortgage financier Tamweel Properties said on Sunday it has set up a new Dh400 million ($108.9 million) real estate investment firm to tap into the UAE's construction boom.

Tamweel Property & Investments already has assets of Dh4 billion under its management, the company said in a statement on the bourse website.

'Given the significant investment opportunities in the UAE's thriving property market, the establishment of Tamweel Properties & Investments represents a natural next step in the ongoing, organic evolution of this company,' said chairman Sheikh Khaled bin Zayed al-Nahayan.

Abdulla Nasser Abdulla, Tamweel's existing chief commercial officer, will head up the property subsidiary.-Reuters