Tasweek, a property marketing and development firm launched in Abu Dhabi less than a year ago, plans to raise US$250m (Dh918.2m) to acquire distressed real estate assets in the capital and Dubai.

Yesterday’s announcement follows news that other firms in the region, eager to capitalise on a steep drop in property prices from late last year, have set up funds to target property owned by investors desperately in need of cash.

The National