'Millions' to be invested in Dubai property

30/09/2009 - Dubai Lifestyle News
'Millions' to be invested in Dubai property
By Neil King

The volume of commercial property in Dubai is set to increase further with the latest plans released by an Abu Dhabi-based company.

Tasweek Real Estate Marketing and Development has announced its plans for creating a real estate investment portfolio worth $250 million (£156.8 million) over the next 18 months.

The project hopes to include commercial and residential property in locations such as the Jumeirah Beach Residence and Dubai International Financial Centre.

Masood Al Awar, chief executive at the company, 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."

Locations such as the Jumeirah Beach Residence are a 15-minute drive from town, close to the Emirates golf club, Dubai Media City and the American University of Dubai. It is already considered to be one of biggest single-phase residential developments worldwide.

Mr Al Awar added that the company recognises the need for efficiency and effectiveness in the market place, explaining Tasweek Real Estate is keen to increase its interaction between banks, developers and customers and create a firm foundation for business.
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