Tasweek announced a $300 million mixed-use property development joint venture in Bintan, Indonesia which will include a 250-room hotel, six 20-floor condominium towers, 34 villas and a 15,000-square metre commercial area. Above, a fishing village in Bintan. Thomas Haupt / Westend61 / Corbis
Tasweek announced a $300 million mixed-use property development joint venture in Bintan, Indonesia which will include a 250-room hotel, six 20-floor condominium towers, 34 villas and a 15,000-square mShow more

Tasweek reaffirms IPO plans for the first quarter



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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How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

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SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

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Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.

As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.

Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.

Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.

Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."

It

Director: Andres Muschietti

Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor

Three stars

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
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TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

While you're here
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
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The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.

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Dubai World Cup Carnival card:

6.30pm: Handicap (Turf) | US$175,000 2,410 metres

7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) $100,000 1,400m

7.40pm: Handicap (T) $145,000 1,000m

8.15pm: Dubawi Stakes Group 3 (D) $200,000 1,200m

8.50pm: Singspiel Stakes Group 3 (T) $200,000 1,800m

9.25pm: Handicap (T) | $175,000 1,400m

Challenge Cup result:

1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults

Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

The specs

Engine: 1.6-litre 4-cyl turbo and dual electric motors

Power: 300hp at 6,000rpm

Torque: 520Nm at 1,500-3,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.0L/100km

Price: from Dh199,900

On sale: now

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
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