Adel Al Shirawi announced: Tamweel receives Dh1.7b financing from EIB

DUBAI — Tamweel PJSC yesterday announced that it has signed a Dh1.7 billion ($463 million) financing agreement with Emirates Islamic Bank (EIB) PJSC.

The facility, provided under an innovative Sharia-compliant structure, will be used to fund Tamweel's growth opportunity plans. The financing agreement has been fully vetted by Tamweel's and EIB's Sharia Supervisory Boards.

This financing agreement with EIB, which is considered the largest bilateral financing arrangement ever sanctioned in the UAE, comes on the heels of Tamweel's successful closure of a Dh772 million ($210 million) asset-backed securitisation issue, which was placed primarily with European investors.

Tamweel has more recently been assigned an A3/P2 rating by Moody's Investor Services reflecting the company's strong market position and its stable outlook.

Adel Al Shirawi, Chief Executive Officer of Tamweel, said: "This financing agreement with EIB, following our recent securitisation issue, provides us with an even more diversified source of funding to realise the many ambitious projects that are currently underway that reflects positive growth in term for the company."