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05/12/2013 11:08 AST
Five years after Dubai mortgage provider Tamweel stopped lending amid the emirate's real estate crash, the company's Islamic bonds are beating peers as the property market rebounds.
Tamweel's sukuk maturing in January 2017 returned 5.5 per cent this year, the most among the 23 securities in the HSBC/Nasdaq Dubai GCC Financial Services Sukuk Index.
The benchmark gauge, which includes debt from the United Arab Emirates to Saudi Arabia, has gained 2.1 per cent in the period.
A rebound in real-estate prices spurred by the economic recovery in the Gulf business hub has boosted UAE bank lending by 7.2 per cent this year as property prices climbed an annual 40 per cent. Tamweel, which was taken over by Dubai Islamic Bank in 2010, has benefited as its new owner provided a source of financing.
"Tamweel has been a turnaround story and a way to gain exposure to a recovering Dubai real-estate market," Yaser Abushaban, the executive director for asset management at Dubai-based Emirates
Investment Bank, said in an e-mailed response to questions November 28.
Bloomberg
18/01/2015
Elie Ibrahim had just two days to sell his shares in Tamweel before the mortgage financier was delisted from Dubai's stock exchange.
It was September 29, 2013, and the stock was plummeting
The National
21/04/2014
Tamweel PJSC, a majority owned subsidiary of Dubai Islamic Bank, on Sunday announced its interim financial statements for the period ending March 31.
The company posted profits of Dh31.5 mi
Gulf News
02/04/2014
After months of speculation as to whether there would life in Tamweel Tower again, former residents, owners, developers and everyone else involved can heave a sigh of relief as Emirates 24|7 can reve
Emirates 24|7
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29/03/2025
China's President Xi Jinping urged a gathering of multinational CEOs on Friday to protect global industry and supply chains, as Beijing seeks to assuage foreign firms' concerns over the Chinese econo
Reuters
28/03/2025
Qatar Islamic Insurance Group convened its Annual General Assembly Meeting for the year 2024, yesterday. The Board proposed to the assembly distribution of cash dividends of 50% of the paid-up capita
The Peninsula
28/03/2025
Sabic, a global leader in diversified chemicals, today (Martch 27) reaffirmed its advocacy for sustainable growth through innovation and collaboration at the Boao Forum for Asia (BFA)'s Annual Confer
Trade Arabia
28/03/2025
AD Ports, a leading facilitator of global trade, logistics, and industry, has announced the signing of a 50- year agreement with Oylz Terminals, a UAE based oil supply and distribution provider to de
Trade Arabia
28/03/2025
Modon Holding, an Abu Dhabi-based holding company, and Elsewedy Industrial Development, one of Egypt's leading integrated industrial and logistics cities developers, have signed a letter of intent (L
Trade Arabia
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia