UAE’s Tasweek Signs MoU With India’s MAMS Holdings

The UAE’s Tasweek Real Estate Development and Marketing has announced a MoU with Indian development and construction firm MAMS Holdings to pursue business and investment opportunities in India, the UAE and the GCC.

The deal will see MAMs work with Tasweek to pursue real estate investment opportunities and related businesses in residential, commercial and other mixed-used projects with ‘smart’ technologies, the companies said.

Tasweek will provide project development and investment opportunities in the UAE and broader GCC and potential business from health care and smart residential projects, they added.

The deal is eventually expected to lead to a joint venture between the two.

“Tasweek shares a lot of development visions with MAMS Holdings, such as a sharper focus on incorporating ‘smart’ technologies into tomorrow’s communities. Moreover, our partner has extensive experience in markets where we have already established a strong presence, such as Malaysia,” said Masood Al Awar, CEO, Tasweek Real Estate Development and Marketing.

Tasweek was said to be mulling an IPO in the first quarter of 2015, having postponed previously because of market volatility.

The firm had yet to decide whether to list in Abu Dhabi or Dubai in January.