Tamweel Aloula, a Saudi Closed Joint Stock Company, has revealed that it will be doubling its capital to $133.2 million, to support the company’s expansion plans in the Saudi market.
The company’s Board of Directors recently approved the Executive Committee’s proposal for a capital increase, covered and funded by Al Kifah Holding Company, which owns 100 percent of the company’s shares, after a notice of non-objection was obtained from the related authorities.
Tamweel Aloula is licensed by the Saudi Central Bank (SAMA), to perform lease financing, consumer financing and productive assets financing. The company also provides advanced and integrated financing solutions and services to help consumers and SMEs fulfill their financial needs via any of its branches in the Central, Eastern and Western Regions.
“This increase reflects our partners’ confidence in furthering the positive growth path witnessed by Tamweel Aloula, which achieved the highest annual profit in its history, with a $13.3 million (before zakat) for the financial year 2021 and registered a total portfolio of $495 million. Tamweel Aloula’s investors underline their commitment to fulfilling the ambitious aspirations of the company, which seeks to meet the needs of the various business segments and community members, by providing smart and secure financial solutions.”
Mr. Ahmed Abdelazeem, Tamweel Aloula’s Chief Financial Officer (CFO), said that “Enhancing solvency will allow Aloula to significantly increase the size and diversification of its lending portfolio to better support the company’s expansion activities and operations. Offering our wide variety of financial products to the largest possible segment of beneficiaries will ultimately reflect positively on the company’s performance and growth rates.”
Related: Saudi’s Rawabi Holding unveils its real estate arm Magnom Properties