DUBAI, 9 July 20060 — Falconcity of Wonders, a falcon-shaped tourist and recreational city being set up within Dubailand beside the Emirates Road and Al-Ain Road, has signed an agreement with Abu Dhabi Commercial Bank (ADCB), to finance properties developed within the project. The agreement was signed between Salem Almoosa, chairman and CEO of Falconcity of Wonders, and Eirvin Knox, CEO of Abu Dhabi Commercial Bank. The strategic partnership between the two entities is aimed at providing an attractive finance option to investors of the various properties being developed within Falconcity of Wonders.
Amlak Bonus Scheme Launched
DUBAI, 9 July 2006 — Amlak Finance, the largest publicly listed Islamic finance company and pioneer in home finance in the UAE, announced yesterday that its recently launched Amlak Bonus, a refinance scheme for property owners, had attracted an overwhelming response with properties worth AED450 million having been refinanced in less than two months. “The scheme is of immense benefit to people who want to turn their assets into viable sources of income for requirements like debt-servicing, and investment in other properties. The scheme allows property owners to enjoy the capital appreciation in their property without selling it to another party. They continue to live in the same home while taking advantage of the appreciation in its price,” explained Mohammed Ali Al-Hashimi, managing director and chief executive officer of Amlak Finance.
Tamweel to Start Trading of Shares
DUBAI, 9 July 2006 — Tamweel, UAE’s leading provider of home finance, has announced that listing and trading of its shares on the Dubai Financial Market (DFM) will be starting tomorrow. The company has finalized its listing procedures after receiving the requisite license from the Emirates Securities and Commodities Authority (ESCA). The company’s stock, which will begin trading on DFM effective tomorrow with trading symbol Tamweel, shall appear on DFM screens, trading systems and publications. The listing of Tamweel’s shares on the premier stock exchange will open up significant opportunities for investors to participate in the growth and expansion of one of the region’s leading home finance provider.
‘59-Minute’ Full Car Service in Dubai
DUBAI, 9 July 2006 — Al-Futtaim Motors have announced an incredible “59-minute” full car service for Toyota and Lexus vehicle owners across all its service centers in the UAE. “This new express car service is another testament of that endeavor,” said Kevin Jones, general manager — Services, Al-Futtaim Motors. He added, “With the number of vehicles on the road on a steady increase, service centers in the UAE are currently faced with time constraints on car servicing, which in turn affect customers. Keeping our customers first, we have tried to combat that inconvenience by putting to work our years of expertise, the specially designed equipment and tools and Toyota’s trained technicians, to offer our customers a full car service in just 59 minutes.”
