27-أبريل-2009

• Expecting a Stagnation in the Real Estate Market during 2009


Tarek Al-Othman: “Tijara” Does Not Need To Present To The Financial Stability Law
By Tamer Hamad

Vice Chairman & Managing Director of Tijara and Real Estate Investment Company, Tareq Farid Al-Othman, stated that at this moment, the company does not intend to issue any Islamic deeds (sokook) to finance its project, moreover; He pledged that the company does not have any intention to expand in Europe, while explaining that it is waiting for the consequences & effects of the Global financial crisis during 2009. He pointed out that “Tijara” does not need to apply for the financial stability project, especially that there is no problem whatsoever in the company’s solvency and its debts are continuously decreasing.

In a special statement given to Al-Watan, Othman called to the amendment of laws 8 and 9 of the law on real estate mortgage of the year 2008, to redirect money flows into the real estate market and to cover the needs of citizens who wish to receive a funding for their “dream house”. Othman believes that the stagnation will influence the local real estate market in 2009, but its activities will be revived as of mid 2010.