Tasweek Real Estate Development & Marketing aim to develop US$250 million realty portfolio

Masood Al Awar, CEO, Tasweek Real Estate Marketing and Development, has plans to set up a real estate investment portfolio, valued at USD250 million, in next 18 months, encompassing important projects in Dubai and Abu Dhabi.

He 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."

The properties proposed to be acquired in Dubai are Dubai Marina, Jumeirah Beach Residence and Dubai International Financial Centre (DIFC), whereas those in Abu Dhabi are Reem Island, Al Raha Beach, and Building Material City. 10 percent returns are expected from these investments and the decisions regarding the purchase of single units, complete floors or projects shall be taken at an appropriate point of time.

A Memoranda of Understanding has also been signed between RQ Associates Ltd, a management and technology consultant, and IK Consult Ltd., a strategic marketing, communication and training consultant, to make available the real estate and related services and marketing by Tasweek at one place.

Al Awar said: "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."