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UAE's Tabarak buys majority stake in developer Tasweek

Tabarak's repertoire now includes Tasweek's real estate investments in Marrakesh Healthcare City in Morocco, and Casabrina Vacation Villas in Malaysia

Tasweek's international investments include a healthcare city in Morocco [representational image].
Tasweek's international investments include a healthcare city in Morocco [representational image].

Tabarak Investment has acquired a stake worth more than 80% in Abu Dhabi's Tasweek Real Estate Development and Marketing.

The move is part of Tabarak's ambitions to diversify its investments and support its real estate portfolio. 

READ: UAE's Tasweek eyes smart city investments in India

Following the acquisition, Tabarak's repertoire includes Tasweek's real estate investments in Marrakesh Healthcare City in Morocco, and Casabrina Vacation Villas in Malaysia. 

Commenting on the development, Ahmad Kilani, chief executive officer at Tabarak, said: "We are delighted to start our investment year with this announcement, which represents a milestone in our opportunistic investment plan for the year.

"In the near future, Tasweek’s current investment portfolio will witness additional projects that are directly related to Tabarak’s investments." 

Kilani said that Tasweek's real estate offerings have "proven [their] unique proposition".

"Benefiting from our network and market exposure, we are expecting high market demand in Tasweek’s local and international real estate projects," he added, according to Arabian Business.

 

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Construction Week - Issue 747
Aug 03, 2019