The Abu Dhabi-based property investor Tasweek expects to launch an initial public offering this quarter after having postponed the issue because of market volatility, its chief executive said yesterday.
The firm, which was supposed to go public by last month, has yet to decide whether to list in Abu Dhabi or Dubai. The IPO for 55 per cent of the company’s shares is expected to raise between Dh500 million and Dh700m, said Masood Al Awar.
“We postponed it because we saw how the market was going, but the plan will go ahead,” he said.
The investor also yesterday announced a US$300m mixed-use property development joint venture in Indonesia, which could eventually be listed in Hong Kong or Singapore.
The project on the island of Bintan, the company’s first in Indonesia, will include a 250-room hotel, six 20-floor condominium towers, 34 villas and a 15,000 square metre commercial area, the company said.
Tasweek expects to start the project in the second quarter of this year and finish construction in four to five years, Mr Al Awar said.
“We want to do this project because the returns are so high and simply because the fundamentals of the real estate component, hospitality and retail is very high,” he said.
“Bintan is close to Singapore and the government is putting a lot of infrastructure in place that attracts a lot of tourism. Its location is between a highly populated area within Asia itself and it is sufficient enough to get a return.”
The financing of the Indonesia project will come partly from private equity firms, off-plan sales and bank loans, he said.
In total, the firm is looking to invest $200m to $300m on projects this year as it expands its portfolio, which includes investment in Morocco, the UAE and Malaysia.
Tasweek is also considering a $50m hotel acquisition in Thailand, he added.
Mr Al Awar, a former executive with Dubai’s Emaar Properties and Abu Dhabi’s Sorouh Real Estate (now Aldar Sorouh), said he was bullish on the UAE property market despite the stabilisation of property prices last year.
The firm is working towards launching a Dh1 billion housing development in the UAE. It has yet to choose a location for the project. Tasweek is also eyeing investments in two hotel projects in the UAE and expects to finalise the deal for both this quarter.
It is also looking at commercial and residential property investments in the Western Region.
dsaadi@thenational.ae
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The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
SPECS%3A%20Polestar%203
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Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Killing of Qassem Suleimani
Roger Federer's 2018 record
Australian Open Champion
Rotterdam Champion
Indian Wells Runner-up
Miami Second round
Stuttgart Champion
Halle Runner-up
Wimbledon Quarter-finals
Cincinnati Runner-up
US Open Fourth round
Shanghai Semi-finals
Basel Champion
Paris Masters Semi-finals
Fixtures (all in UAE time)
Friday
Everton v Burnley 11pm
Saturday
Bournemouth v Tottenham Hotspur 3.30pm
West Ham United v Southampton 6pm
Wolves v Fulham 6pm
Cardiff City v Crystal Palace 8.30pm
Newcastle United v Liverpool 10.45pm
Sunday
Chelsea v Watford 5pm
Huddersfield v Manchester United 5pm
Arsenal v Brighton 7.30pm
Monday
Manchester City v Leicester City 11pm
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)
THE%20SWIMMERS
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