The company was able to boost profitability by increasing revenues by 4.5 per cent with minimal administrative expenses
Tasweek Real Estate Development and Marketing, an advisor and solutions provider serving the real estate markets, reported second year profits with a solid increase in shareholders’ equity by 7.8 % along with strong liquidity position for the year ended 31 December 2010 during its Annual General Assembly held on Tuesday, April 12, 2011 at the Khalidiya Palace Rayhaan Hotel in Abu Dhabi.
In addition, Tasweek managed to obtain long-term finance to enhance support for its real estate investment program, keeping the debt equity ratio at a level that reflects prudence and ensures minimum exposure. The company was able to boost profitability by increasing revenues by 4.5 per cent with minimal administrative expenses. Tasweek's key activities and financial position for the 2010 fiscal year with strong liquidity marked another strong performance amidst the ongoing global economic crisis.
“With confidence in the local markets steadily improving, we are confident that we will be able to secure a more strategic industry position in 2011. We still believe that construction quality, location, community facilities, competitive financing and finalized infrastructure will continue to drive our markets and so we will again concentrate on these areas in the coming period,” said Mohamed Khalifa Fahed Al Muhairi, Chairman, Tasweek Real Estate Development and Marketing.
“Our commitment to integrity, accountability and professionalism has helped us weather the storm and come out thriving with a string of acquisitions and joint venture investments under our belt that ensure high liquidity and exceptional profits. By staying attuned to the needs of our customers, we have been able to come up with benchmark products, services and solutions that have given us a leadership position in the industry. This year, we will explore more potential locations in the UAE, Middle East and other regions that closely match the profiles and demands of our clients and investors. As usual, we will place a strong emphasis on reputable partnerships, affordability and sound returns on investment,” added Masood Al Awar, CEO, Tasweek Real Estate Development and Marketing.
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.