Tuesday, September 29, 2009

Tasweek Real Estate Development & Marketing to create USD250 million realty portfolio from Dubai & Abu Dhabi markets

Tasweek Real Estate Development & Marketing to create USD250 million realty portfolio from Dubai & Abu Dhabi markets

Key properties in free zones & investment zones to be acquired within the next 18 months

September 29, 2009

Tasweek Real Estate Marketing and Development, an Abu Dhabi-based property advisor and solutions provider serving the Middle East real estate markets, has announced that it plans to create a real estate investment portfolio worth USD250 million featuring key Dubai and Abu Dhabi projects within the next 18 months.

Masood Al Awar, CEO, Tasweek Real Estate Marketing and Development, said: “We plan to acquire properties in free zones and investment zones in Dubai and Abu Dhabi over the next few months. We have already begun acquiring properties using our own funds. We are ready to a steady start and are confident that we can raise the total amount we need mainly through the support of our shareholders and potential investors.”

“We have already identified some strategic locations and we are aiming for an asset structure comprising a mix of commercial, residential and retail investments,” he added.

Among the locations being eyed by Tasweek are Dubai Marina, Jumeirah Beach Residence and Dubai International Financial Centre (DIFC) in Dubai and Reem Island, Al Raha Beach, and Building Material City in Abu Dhabi. The targeted acquisitions are expected to generate a return on investment of at least 10 per cent. The company will focus on transactions that can expand its core competencies of networking and professionalism and will decide on buying single units, complete floors or even projects at the opportune time.

Tasweek recently signed management and marketing consultancy Memoranda of Understanding (MoU) with independent management and technology consulting firm RQ Associates Ltd. and strategic marketing, communication and training consultancy IK Consult Ltd. The MoUs form part of TASWEEK’s strategy of offering a one-stop shop for real estate and related services and marketing.

“We recognize the need to meet the growing market demand for efficiency and effectiveness. We want to build on solid portfolios and services and further enhance our mediation between developers, customers and banks,” concluded Al Awar.

About Tasweek:

Tasweek, a provider of comprehensive real estate development solutions for the UAE and the broader Middle East, leverages over 20 years of extensive experience in valuations, design, and real estate marketing across the UAE, GCC and MENA regions. The private joint stock company draws on its involvement in managing the properties of over 25,000 customers to ensure enhanced client satisfaction in the delivery of a diverse range of services, throughout all stages of the real estate development's lifecycle.

Through its two core competencies of knowledge and networking, Tasweek is highly capable of introducing clients to the right people, creating vital links between industry movers and players, and developing ideas to successfully bring properties to market.

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