SHARJAH, 30 April 2005 — Saudi Arabia’s Al-Rajhi Group has entered into a strategic partnership with UAE-based Tameer Property and acquired a 50 percent stake in the medium-sized firm.
Al-Rajhi is the latest entrant into the lucrative property investment industry in the UAE, which is visualiszing new projects and opportunities on a frequent basis.
The amount involved in the Al-Rajhi Group-Tameer Property deal was not disclosed, but it is estimated at a few hundred million dirhams.
Tameer has succeeded in launching a number of large projects across different emirates in the UAE, including the Princess Tower in Dubai. With 100 floors, the Princess Tower at Dubai Marina is amongst the tallest residential towers in the region.
Tameer also developed the Al-Amira Tower, the tallest tower in Sharjah located along the Al-Buhaira Corcniche and Qasba Canal.
Apart from commercial and residential developments, Tameer has undertaken important industrial projects, including the pioneering Modern Emirates Industrial Area which encompasses an area of 80 million feet in Umm Al-Quwain.
“We decided that the most suitable way to participate in the ongoing growth is to partner with a successful, dynamic property organization, distinguished by ambitious targets and high credibility in the market.
Tameer has been rated as the fastest growing property company in the Gulf and met all our criteria.
Therefore, we partnered with the leading property investment firm in venturing into the rapidly growing real estate industry in the region, Al-Rajhi Group CEO Ahmed ibn Sulayman Al-Rajhi said.
Speaking about the agreement, Tameer Property CEO Omar Ayesh said:”In the past, we have been approached by numerous banks and trading organizations to purchase shares from Tameer, but we chose the Al-Rajhi Group.
