Tasweek Records 112% Increase In 2013 Profits
News: UAE-based Tasweek Real Estate Development and Marketing's net income rose 112% year-on-year (y-o-y) in 2013 primarily on the back of a 77% rise in annual revenues and a 60% increase in the net profit ratio, compared with 50% in 2012. Tasweek's stockholders have profited from a cumulative equity growth of 37% after the company registered its highest-ever profit since it started operating in 2009. The company's investment portfolio also increased 27% y-o-y in 2013 as it consolidated investments in major developments such as healthcare city in Morocco and launched key projects such as a mixed-use property featuring a five-star hotel, a hospital and residential building.
BMI View : While the UAE continues to recover from a significant price decline resulting from the 2008 global economic crisis, demand in the country remains strong as it continues to hold a reputation as a 'safe-haven' for companies in the region looking to distance themselves from the tumult of the Arab Spring. The country is home to one of the world's busiest airports and is increasingly being seen as a major tourist destination renowned for luxury and extravagance. This trend drove many of the infrastructure investments we saw during the course of 2013, as Dubai in particular moved to cement its position as a major tourist destination. This outlook has been further boosted by the significance of Dubai winning its bid to be the host of the 2020 World Expo, an announcement long awaited by landlords and investors in the UAE.