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Eltizam Asset Management Group, jointly owned by IHC and Adnec Group, to merge with Aldar Estates
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Aldar Properties, International Holdings Corporation (IHC) and Adnec Group have announced that they will merge their jointly owned real estate and facilities management businesses within the Aldar Estates platform. The merger will see IHC and Adnec Group (a subsidiary of ADQ) become strategic shareholders in Aldar Estates, with Aldar retaining majority ownership and control of the combined platform.
As part of the agreement, Eltizam Asset Management Group, a leading property and facilities management services company in the GCC, jointly owned by IHC and Adnec Group, will join the Aldar Estates platform. Over the past 12 months in particular, Aldar Estates has expanded its range of services, while significantly increasing the scale of Provis and Khidmah – which form an integral part of the platform. Additionally, Aldar Estates completed the acquisition of Basatin Landscaping Services in 2023, which complements 2022 acquisitions that included Spark Security Services, Mace Macro Technical Services, Pactive Sustainable Solutions and Saga International Owner Association Management Services.
By integrating IHC and Adnec’s real estate and facilities management businesses within Aldar Estates, the platform will gain significant scale to drive its strategic and competitive advantages, leverage operating and revenue synergies and an expanded base of strategic investors to accelerate its growth in Growth in the UAE and Middle East. wider area. The platform will enhance customer service for its larger customer base, deliver more integrated offerings across its expanded suite of services, while embracing digital advancements, driving innovation and promoting sustainability across its product portfolio.
The enhanced platform will manage a total of approximately 135,000 residential properties, over 1 million square meters of prime retail and commercial space with a total lettable area of and facilities management contracts worth approximately AED 2.5 billion. In addition, Aldar Estates will offer its clients a full suite of complementary capabilities, including professional services, security services, landscaping and energy management. The platform will also target new strategic opportunities and solidify its leading position in the property and facilities management industry in the region.
As a key operating unit within the Aldar Investment business, Aldar Estates’ expanded platform will make a significant contribution to the company’s transformational growth agenda and continue to serve as a focal point for Aldar’s real estate products in the market.
Founded in 2009 and operating in the UAE, Saudi Arabia, Egypt and Oman, Eltizam 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.
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