TASWEEK Real Estate Development and Marketing, an advisor and solutions provider serving the real estate markets, confirmed that it has achieved its third consecutive year of increased profitability for the year ended December 31, 2011 during its Annual General Assembly held yesterday (Wednesday, April 25, 2012) at the Khalidiya Palace Rayhaan Hotel in Abu Dhabi. The company also revealed a rise in shareholders’ equity and robust liquidity during the period.
During the General Assembly, TASWEEK management reported a 7 per cent profit hike over 2010 driven by a 29.8 per cent increase in investment income. This was partly offset by a decline in deposit income, as banks continued to uphold lower deposits rates in 2011.
TASWEEK was also able to expand its investment portfolio by 32.5 per cent last year via income-bearing assets in the UAE and Malaysia. Besides it successful investments, the company also approved and launched fresh investment initiatives centering on developments in the UAE and Morocco aimed at broadening its asset base and adding depth to its investment portfolio across various geographical segments.
Overall, TASWEEK has logged a cumulative equity growth of 10 per cent for its shareholders besides maintaining strong liquidity. The primary objective of the company’s capital management strategy is to secure a strong credit rating and healthy ratios to support the business and maximize shareholder value.
A highlight for TASWEEK in 2011 is the addition of multiple investments opportunities to its USD 250 million property portfolio that it has been building up since late 2009 to ensure consistent income streams and capital growth. The balanced portfolio will cover investments in development joint ventures, income bearing assets, and mezzanine funding. Investors can avail of flexible options and schemes for various hospitality, residential, commercial, healthcare, and mixed-use developments worldwide, with tenure of 10 years at an internal rate of return of 25 per cent.
“This will definitely be another banner year for us as we unveil some of the world’s best developments under our USD 250 million portfolio. As usual, the convenience and needs of our customers will be at the core of our plans and activities, while our professional and highly motivated team will be the drivers of our growth. We thank our partners, stakeholders and supporters for accompanying us over the past three years and promise them another successful journey ahead,” said Masood Al Awar, CEO, TASWEEK Real Estate Marketing & Development.
Since commencing operations in August of 2009, TASWEEK Real Estate Development and Marketing has evolved into a respected one-stop shop for property development. Its services include Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy. Driven by its core competencies of networking and know-how, TASWEEK delivers products and services complementing both customer needs and prevailing market conditions. The company is currently eyeing strategic projects and locations across the region to further expand its property portfolio.