Abu Dhabi: Tasweek to expand into South East Asia after IPO

Abu Dhabi: Tasweek to expand into South East Asia after IPOImage Credit: Supplied

Tasweek, the Abu Dhabi real estate firm, expects to start projects in Thailand and Indonesia in the first half of 2015 shortly after it launches its initial public offering later this year.

Masood Al Awar, chief executive, said on Tuesday the company is wrapping up discussions with partners in each of the two Asian countries.

The projects will both be hotel apartments in a mixed-use hospitality development. Al Awar declined to state more details as discussions with the partners in each country are yet to be finalised.

Tasweek's expansion into Thailand and Indonesia follows residential and hospitality developments in Malaysia; the Haven Lakeside Residences, a three tower residential development, and luxury resort Casabrina Vacation Villas.

Al Awar confirmed in June the company is targeting a fourth quarter listing on the Abu Dhabi Securities Exchange (ADX) or the Dubai Financial Market (DFM).

Al Awar said the company has yet to decide which exchange it will launch on, however, he said it could list as much as 65 per cent. The minimum is 55 per cent.

Tasweek has already met with a number of law firms and brokers regarding the listing and will soon meet with Dubai Islamic Bank (DIB), Al Awar said.

Tasweek is owned by 53 Emirati's and has a $250 million property portfolio spread across the UAE, Malaysia and Morocco.

The Abu Dhabi firm previously announced plans to expand into Lebanon and Iraq but due to current geopolitical instability, Al Awar said those plans are now on hold.

The company is now looking to launch projects in Egypt and Saudi Arabia with preliminary discussions underway with local partners, Al Awar said.

Tasweek to launch hotel brand in Malaysia

Tasweek will launch its very own hotel brand in Malaysia before the end of the year, its chief executive Masood Al Awar said on Tuesday. The Abu Dhabi real estate firm owns a luxury resort in Malaysia, the Casabrina Vacation Villas. The resort will soon be rebranded as part of a wider strategy to bring the brand to the United Arab Emirates. Al Awar said the new hotel brand will be trialed in Malaysia before being introduced to the local market. He declined to state further details ahead of the company's planned initial public offering (IPO) in the fourth quarter; however, Al Awar also said on Tuesday that Tasweek will launch two mixed-use hotel apartment developments in Thailand and Indonesia next year.

Click on Tasweek Board and read on the distributution of 60 per cent of record-breaking 2013 profits to shareholders

Source: Alexander Cornwell, Staff Reporter, gulfnews.com


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