TASWEEK Real Estate Development and Marketing, an advisor and solutions provider serving the Middle East real estate markets, announced during its 1st General Assembly held last April 12, 2010 at the Abu Dhabi Chamber of Commerce that it posted a 5 per cent increase in shareholders’ equity in 2009. During the meeting, the company also revealed the acquisition of income-bearing assets with an average of 50 per cent bank financing that will generate a 34.5 per cent yield.
“This year we intend to sustain our growth through acquisitions and joint venture investments that will generate greater liquidity and ensure long-term profitability. We would like to acknowledge the exceptional support the company’s stakeholders have been extending, from our visionary Board of Directors to our loyal partners and customers,” said Mohammed Khalifa Fahad Al Muhairi, Chairman of TASWEEK.
TASWEEK’s key activities and financial position for the fiscal year ended December 31, 2009 were outlined in the Auditor’s report and were discussed and ratified by the Board and the shareholders.
TASWEEK’s exceptional performance in 2009 reflects a growing market presence driven by the company’s focus on integrity, accountability and professionalism. It intends to expand beyond residential and commercial projects and into new markets such as healthcare and education. TASWEEK is currently exploring potential additions to its property investments portfolio in Abu Dhabi and Dubai collectively worth around AED 1.5 billion which could bring in a net profit of AED 300 million over a period of three years.
