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Aldar Properties, International Holdings Company (IHC) and Adnec Group have announced plans to combine their jointly owned real estate and facilities management businesses within the Aldar Estates platform.
The Wam news agency reported that the merger would see IHC and Adnec Group (a subsidiary of ADQ) become strategic shareholders of Aldar Estates, with Aldar retaining majority ownership and control of the combined platform.
As part of the agreement, Eltizam Asset Management Group (Eltizam), a leading property and facilities management services company in the GCC, jointly owned by IHC and Adnec Group, will join the Aldar Estates platform.
In the past 12 months in particular, Aldar Estates has broadened its offerings while significantly increasing the size of Provis and Khidmah – which form an integral part of the platform.
In addition, Aldar Estates completed the acquisition of Basatin Landscaping Services in 2023, which complements its acquisitions in 2022, which 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 advantage, leveraging operational and revenue synergies and an expanded strategic investor base to accelerate its growth in Growth in UAE and Middle East. wider area. The platform will enhance customer service to its larger customer base and offer more integrated offerings across its expanded suite of services, while embracing digital advancements, driving innovation and promoting the sustainability of its product portfolio, a statement said.
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 gross leasable area, 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, strengthening its position in the property and facility management industry in the region.
As a key operating unit under the Aldar Investment business, Aldar Estates’ expanded platform will make a significant contribution to the company’s transformational growth agenda and continue to be the focal point of service for Aldar’s real estate offerings in the market.
Founded in 2009, Eltizam operates in the UAE, Saudi Arabia, Egypt and Oman, providing 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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