News and articles monitoring the activities and developments in the free zones around the world.
New $250m fund to target UAE real estate projects
Sep 25, 2009
A new $250 million investment fund is to target key real estate projects in Dubai and Abu Dhabi over the next 18 months. Tasweek Real Estate Marketing and Development, an Abu Dhabibased property advisor and solutions provider, said it was looking to invest in freezones including Dubai International Finance Centre (DIFC) and Dubai Marina.
Masood Al Awar, CEO Tasweek, 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 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."
"Dubai Marina, Jumeirah Beach Residence and DIFC in Dubai and Reem Island, Al Raha Beach, and Building Material City in Abu Dhabi are being targeted by the new fund" company chiefs said. They also said the fund aimed to generate a return on investment of at least 10 percent.