Aldar Properties, International Holding Company (IHC), and ADNEC Group have announced that they will merge their jointly owned property and facilities management businesses within the Aldar Estates platform, creating a regional leader in the sector.
Under the agreement, Eltizam Asset Management Group, a leading property and facilities management services company across the GCC and jointly owned by IHC and ADNEC Group, will join the Aldar Estates platform.
Eltizam was founded in 2009 and operates in the UAE, Saudi Arabia, Egypt, and Oman. Eltizam’s portfolio of businesses contributed to Aldar Estates includes Colliers, Kingfield, Inspire Integrated, 800TEK, OrionTEK, and PropEzy.
The merger will see IHC and ADNEC Group, a subsidiary of ADQ, become strategic shareholders in Aldar Estates, with Aldar retaining a majority stake and control of the combined platform.
The enhanced platform will manage a portfolio of residential properties totaling approximately 135,000 units, prime retail and commercial spaces with a Gross Leasable Area of more than 1 million sqm.
According to the statement, “The deal will add significant scale and capabilities to Aldar Estates, which already includes Provis, Khidmah, Basatin Landscaping Services, Spark Security Services, Mace Macro Technical Services, Pactive Sustainable Solutions, and SAGA International Owner Association Management Services.”
In addition, Aldar Estates will offer its clients a full suite of complementary capabilities including professional services, security services, landscaping, and energy management.
Further, the platform will leverage operational and revenue synergies, digital advancements, innovation, and sustainability across its portfolio. It will also target new strategic opportunities, solidifying its leading position in the region’s property and facility management industry.
