It is said that when the property market is on a roll, it brings a number of different other sectors of the economy along with it and it appears as if that is happening to a large degree in countries like the United Arab Emirates.
Tamweel is the largest provider of capital for real estate ventures in the United Arab Emirates and on the backs of booming economies of real estate in places like Dubai and Abu Dhabi, they have managed to record an absolutely gigantic profit increase of 195% in the year 2007.
In fact, earnings per share for Tamweel were at Dh0.2 in the year 2006, and they closed out the year 2007 at Dh0.451. This represents a huge return on investment, and it has made a number of mini-fortunes for people who were farsighted enough to invest in the company before they really hit their stride.
Of course, like any good financial institution, Tamweel is aiming their sights even higher for 2008, and they have already instituted one major reform in their way of doing business that is aimed at doing exactly that.
They have instituted a 48-hour approval period for financing requests on property in the United Arab Emirates and according to the company, that is the fastest approval timeframe offered by any company in the country. This is expected to bring more business from specifically foreign property investors to the company for mortgages and other property deals and that in turn is expected to make the Tamweel stock rise even higher in the 2008 year.
In any case, one definite side effect of this is that if a person is interested in making a property investment in the UAE, Tamweel has just made it a lot easier for them to get the money to do so.
