Friday, April 16, 2010

TASWEEK Real Estate Development & Marketing reports operational profits for first financial year

TASWEEK Real Estate Development & Marketing reports operational profits for first financial year

Company posting healthy returns on capital since commencement of commercial activity in Q3 of 2009

April 15, 2010

TASWEEK Real Estate Development and Marketing, an advisor and solutions provider serving the Middle East real estate markets, announced during its 1st General Assembly held last April 12, 2010 at the Abu Dhabi Chamber of Commerce that it posted a 5 per cent increase in shareholders’ equity in 2009. During the meeting, the company also revealed the acquisition of income-bearing assets with an average of 50 per cent bank financing that will generate a 34.5 per cent yield.

“This year we intend to sustain our growth through acquisitions and joint venture investments that will generate greater liquidity and ensure long-term profitability. We would like to acknowledge the exceptional support the company’s stakeholders have been extending, from our visionary Board of Directors to our loyal partners and customers,” said Mohammed Khalifa Fahad Al Muhairi, Chairman of TASWEEK.

TASWEEK’s key activities and financial position for the fiscal year ended December 31, 2009 were outlined in the Auditor’s report and were discussed and ratified by the Board and the shareholders.

TASWEEK’s exceptional performance in 2009 reflects a growing market presence driven by the company’s focus on integrity, accountability and professionalism. It intends to expand beyond residential and commercial projects and into new markets such as healthcare and education. TASWEEK is currently exploring potential additions to its property investments portfolio in Abu Dhabi and Dubai collectively worth around AED 1.5 billion which could bring in a net profit of AED 300 million over a period of three years.

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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