Tamweel chasing the defaulters abroad while customers plan to sue back
In the wake of credit crunch, Tamweel, the largest real estate finance provider in UAE, is now chasing defaulters abroad.
As reported by the National, an Indian couple has given Dh6.4 million (US$1.7m) worth of cheques to Tamweel to buy a property worth Dh1.3 million in Dubai. However, they got affected by on going financial crisis and fled Dubai to avoid default, prosecution and possible imprisonment.
The couple is now living with a relative in Bangalore and say they have received phone calls from an Indian debt collection agency.
Categories: Living in Dubai Tags: Bangalore, DIFC, Tamweel
Foreclosures and Repossessions coming to Dubai
Foreclosures and repossessions of property are coming to crisis-hit, cash-starved Dubai. According to Arabian Business the Palm Jumeirah has witnessed its first property repossession, resulting in a bank selling an apartment for just AED745 per square foot – nearly 35 percent below the current market rate.
A three bedroom apartment in Al Shala, on the prestigious development, was “taken back” by the owner’s bank last week after he failed to resolve Dhs1.7 million of outstanding debt.
The property was advertised by Networth Real Estate on the website of UAE daily Gulf News, at an asking price of AED1.7 million for a 2,280 square foot three bedroom apartment. When contacted, the agent said it had “gone immediately for cash”.
Categories: Business in Dubai, Living in Dubai Tags: Al Shala, Barclays Bank, Gulf News, Networth Real Estate, Palm Jumeirah, Tamweel
Tamweel and Amlak to merge into a Realty Bank
Amlak Finance PJSC and Tamweel PJSC, the two leading UAE real estate finance providers, will be merged into a new entity under the umbrella of the Real Estate Bank (a government owned entity).
- The Real Estate Bank (REB) was founded in 1990 to support the building sector and provide appropriate housing for UAE citizens by supporting the Shaikh Zayed Housing Programme. It has more than 7,000 customers.
- Amlak is the UAE’s leading Sharia-compliant finance provider with assets worth Dh14.2 billion in the first half of 2008. Tamweel is a leading property finance provider whose assets in the same period were worth more than Dh10.8 billion.
Categories: Business in Dubai Tags: Amlak, Real Estate Bank, Tamweel