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Aldar Properties, International Holdings and Adnec Group have announced that they will merge their jointly owned real estate and facilities management businesses.
The merger within the Aldar Estates platform creates the largest real estate and facilities management company in the Middle East.
Under the agreement, Aldar will hold a majority stake in and retain control of Aldar Estates, with the remainder held equally between IHC and Adnec Group, the companies said in a statement filed on the Abu Dhabi Stock Exchange on Tuesday.
As part of the agreement, Eltizam Asset Management Group, a property and facilities management services company operating in the GCC and jointly owned by IHC and Adnec Group, will merge with Aldar Estates.
Aldar Estates completed the acquisition of Basatin Landscaping Services this year, building on 2022 acquisitions including Spark Security Services, Mace Macro Technical Services, Pactive Sustainable Solutions and Saga International Owner Association Management Services.
The new deal will increase the portfolio of residential units managed by Aldar Estates from 77,000 to approximately 135,000. This includes over 1 million square meters of prime retail and commercial space in total leasable area, as well as facilities management contracts worth approximately AED 2.5 billion (USD 681 million).
The integration will give the platform “significant scale to drive its strategic and competitive advantages, leveraging operational and revenue synergies and an expanded base of strategic investors to accelerate its growth in the UAE and the wider region,” the statement said.
“The platform will also target new strategic opportunities and solidify its leading position in the property and facilities management industry in the region.”
Aldar Estates’ expanded platform will make a significant contribution to Aldar Investment’s growth and continue to serve as a focal point for Aldar’s real estate offerings in the market, the statement said.
Founded in 2009, Eltizam operates in the UAE, Saudi Arabia, Egypt and Oman. It provides clients with property and facilities management solutions, professional services and real estate technology capabilities.
Eltizam’s portfolio of businesses contributing to Aldar Estates includes Colliers, Kingfield, Inspire Integrated, 800TEK, OrionTEK and PropEzy.
Updated: July 4, 2023 10:23 am
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