Tamweel PJSC, the largest provider of real estate finance in the UAE, announced on Thursday that it has successfully closed a $235 million (AED863.5 million) syndicated bank facility, which involved the participation of leading regional and international financial institutions, including banks based in the Far East, Middle East and North Africa Business Report said. The facility, provided under a Shariah-compliant structure, will be used to fund Tamweel's long-term growth and aggressive business objectives. The financing documents have been approved by Noor Islamic Bank's Shariah Board and fully vetted by Tamweel's Sharia Supervisory Board. ABN AMRO and Noor Islamic Bank served as lead arrangers and joint bookrunners for the transaction, which has been priced in both US dollars and UAE dirhams, and will reach maturity in three years. This landmark facility comes on the heels of Tamweel's successful closure of a $300 million (AED1.1 billion) exchangeable sukuk issue, whose order book was oversubscribed within hours of announcing the launch, in January 2008. This follows the company's $210 million (AED772 million) asset-backed securitization issue in 2007, which was placed primarily with European investors. “In this period of rapid growth of our business in the UAE and ongoing international expansion, this syndicated bank facility provides us with an even more diversified source of funding,” said Wasim Saifi, chief executive officer, Tamweel. “As we move closer towards our goal of becoming the most admired financial services institution in the Middle East, such funding is essential to supporting Tamweel's ambitious growth strategy.” “The successful closure of this facility further demonstrates the confidence that regional and international financial institutions place in Tamweel,” said Gaurav Agarwal, chief financial and support services officer, Tamweel. “As well, the pricing, tenor and coverage of this facility are all extremely competitive," he said.
