January 28th, 2010 | by Dubai Dude | published in Living in Dubai
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 [...]
January 19th, 2010 | by Dubai Dude | published in Business in Dubai, Living in 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 [...]
November 24th, 2008 | by Dubai Dude | published in Business in Dubai
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 Ministry of Finance announced on Saturday. – The Real Estate Bank (REB) was founded in 1990 to support the building sector [...]