Abu Dhabi
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.
