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Abu Dhabi developer Aldar Properties has announced that it is expanding its property and integrated facility management platform with the full acquisition of Spark Security Services, the UAE’s leading provider of manned security services.
Founded in 1974, Spark Security employs over 5,000 security professionals serving major organizations operating in a wide range of sectors including infrastructure, banking, healthcare and hospitality services.
The AED125 million ($34 million) all-cash transaction further strengthens Aldar’s property and integrated facility management platform, offering customers a wider range of products including sales, rentals, property management, consulting services, Valuation consulting, hard and soft real estate maintenance, and energy management.
Together, these services will add significant value to Aldar’s AED23 billion (US$6.3 billion) portfolio of prime properties in retail, residential, commercial and logistics, in addition to expanding the list of prominent third-party clients in the region.
Regarding the transaction, CEO Jassem Saleh Busaibe said: “Building scale and capability in our property and integrated facility management platform is an integral part of Aldar’s strategic transformation plan and we are delighted to add Spark Security to our highly specialized in the service provider portfolio.”
“There are strong synergies with our current business, and Spark provides security expertise to our rapidly growing portfolio of real estate assets. We are also seeing the expansion of third parties as the pace of economic diversification accelerates and the UAE has more major companies Great potential event for customer service,” he said.
Al Anood Abdulla Al Mulla, CEO of Spark Security, said: “This acquisition marks an important milestone in taking our business to the next level and expanding our customer base in the UAE and the wider region.”
“We are delighted that Aldar, as a long-term partner, has made this investment to support our growth strategy, opening up opportunities for us and supporting new business development across its broad portfolio of operating assets. We look forward to being part of Aldar’s ambitious growth plan and contribute to the success of its integrated property and facilities management platform,” she added.
The property and integrated facility management platform is part of Aldar Investment’s business unit, which brings together a range of service providers, including facility management company Khidmah and property management companies Provis and Asteco.
As a key player in the UAE, Spark Security provides security for a range of high-profile events including the Formula 1 Etihad Airways Abu Dhabi Grand Prix, the Pope’s visit to the UAE, Red Bull Air Race, Qasr Al Hosn Festival and 2019 Special Olympics World Games hosted by Abu Dhabi. –arab trade news agency
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