Khalid Al Nahyan: The local structure of the population is the source of the strength of the market and the signing of an agreement with the presence of Adel Al Shirawi, CEO of Tamweel

Al Awla Real Estate Development Company in Saudi Arabia and Tamweel UAE have announced the signing of a Memorandum of Understanding for the establishment of the largest real estate finance company in Saudi Arabia. The contract was signed in Riyadh by the Chairman of the Board of Directors of Tamweel, Sheikh Khalid Bin Saqr Bin Zayed Al Nahyan, and the Chairman of the Board of Directors of the first company, Suleiman Al Muhaideb, in the presence of the Managing Director of the first company Ayed Al Qahtani,

The partnership is intended to bridge the real estate finance gap in Saudi Arabia, without announcing the size of the company's new investments or expected investments.

Sheikh Khalid Bin Saqr Al Nahyan said that Tamweel, when it wanted to expand, was Saudi Arabia, its first stop, noting that the partnership is based on the excellence of the "First" in Saudi Arabia through its investment movements during the past years and its good performance, in addition to being one of the first companies to enter To the UAE market, through its outlook and alliances, which have achieved different successes.

The Saudi market is one of the largest real estate markets in the region, and it is still in its infancy and has attractive advantages and incentives for growth. He pointed out that the Saudi market is based on the local population structure, which gives greater strength to the real estate financing aspects, in addition to the economy The Saudi boom in all aspects.

He added that Al Ahli had a long-term view, which prompted Tamweel to enter into a partnership with Al Oula to enter the Saudi market through a real estate finance company.

For his part, Chairman of the Board of Directors of the first developer Sulaiman Al-Muhaidib said that the timing of the announcement of the company was surrounded by a number of factors, including the boom in Saudi Arabia, opening markets and allowing the existence of real estate financing companies, and the need of the market to the presence of real estate financing companies, which helps in the integration of industry Real Estate in Saudi Arabia.

He stressed that the partnership with Tamweel will add strength to the finance sector and that the new company will cover the huge demand for the country's mortgage product

Tamweel's Chairman pointed out that the choice of the partner is considered one of the most important criteria in the commercial concept, especially in achieving success. He pointed out that Al-Iula has a great ambition, stressing that Tamweel aims to be the largest real estate finance company in Saudi Arabia. During its first partnership with First Saudi Arabia. Tamweel achieved the top position as the largest real estate finance company in three years in the UAE.

He added that the company will bring international expertise to achieve the desired objectives through the transfer of best practices and experiences in the real estate finance sector, in addition to developing the company's work according to the requirements of the Saudi market.

He added that Tamweel is a very well known company for its excellence in the UAE, making it the largest real estate finance company in the UAE, prompting the first company to win its partnership in the Saudi market to benefit from its expertise in the real estate finance sector.

Tamweel Chief Executive Adel Al Shirawi said that the Saudi market needs 200 housing units a year and demand is increasing while the supply is lagging, which is making a quantum leap in the country's major cities. Indicates that there is a qualitative boom and market power in the real estate sector, which helps the success of any market sector, noting that Tamweel will use its expertise in serving the client.

He said that the company will work on real estate studies to know the factors of supply and demand, to work to achieve success looking at the Saudi market, noting that "Tamweel" will work to develop a mechanism of work in a scientific manner, will help shorten the time for the client access to funding.

He said Tamweel will securitize the real estate portfolios and sell them in foreign markets to maintain a lower price difference to gain more profit margins, which will help Tamweel advance its competitors in the mortgage sector.

For his part, the managing director of the first company Ayed Al-Qahtani said that the country needs the existence of mortgage companies, as the market requires the