Masood Al Awar, CEO, TASWEEK Real Estate Marketing and Development
Inspired by the ‘Union’ values of the UAE, TASWEEK Real Estate Marketing and Development, a leading property advisor and solutions provider, is teaming up with Asset Allocation Advisors (AAA), a member of the Khalid Al Hamed Group, to develop hotels and resorts in prime tourism and business hubs across Southeast Asia and other key regions of interest to Gulf investors.
TASWEEK will act as the investment advisor under the partnership, which is structured as a USD 50 million offshore portfolio company. The joint venture will build a collection of high-end resorts incorporating sustainability concepts to preserve local culture and natural resources. Its initial target is the completion of a beachfront apartment located in the northeastern corner of Thailand’s Phuket Island. An opening tranche of USD 20 million in equity capital will be directed to the resort’s development, with the partners to seed the equity while also allocating a portion for a select group of investors to join in.
Phuket welcomes around 8 million tourists a year, a growing number of which come from the UAE and other GCC states. TASWEEK and AAA’s inaugural development in the island will feature 134 all-pool apartment and villa spa retreat. Investors are expected to be drawn to its spacious units surrounded by lush tropical forests and beautiful overlooking views of the Andaman Sea. The resort will appeal to second-home buyers from the local and expat communities of the GCC and Asia.
“Our partnership with AAA is off to a strong start with our Phuket resort, which will introduce visitors from our region to Thailand’s famous hospitality as well as its renowned culinary delights. The developer has shown a tasteful eye for detail which discriminating investors will surely appreciate. Our joint venture is a perfect reflection of the ‘Union’ values that we treasure as we celebrate the Emirates’ 40th anniversary,” said Masood Al Awar, CEO, TASWEEK Real Estate Marketing and Development.
TASWEEK and AAA each have an existing local and regional asset base. AAA is a respected asset manager with resort investments in Phuket and Bali funded by Middle East and Far Eastern investors. Its Principal implements a financial management approach based on Swiss and American banking and financial advisory standards. Khalid Al Hamed, the parent company of AAA, is associated with several high profile real estate assets including the Sheraton in Khalidia - Abu Dhjabi and Sheraton Jumeirah in Dubai. TASWEEK, on the other hand, is successfully growing a USD 250 million investment portfolio covering strategic locations in the UAE, Malaysia and Morocco.