The three companies come together to create the region’s largest property and facilities management company
Leading property and facilities management company Eltizam Asset Management Group, jointly owned by IHC and ADNEC Group, will merge with Abu Dhabi-based real estate developer Aldar Estates to form the region’s biggest property and facilities management company. As per reports, the merger will see Aldar hold a majority stake and retain control of Aldar Estates with the remaining shareholding held equally between IHC and ADNEC Group. Aldar will also become a national champion in property and facilities management with potential for further expansion across the region. The transaction adds considerable weight to Aldar Estates, taking its portfolio of residential units under management from 77,000 to approximately 135,000.
Over the past 12 months in particular, Aldar Estates has broadened its suite of services, while adding significant scale to both Provis and Khidmah – which form an integral part of the platform. Moreover during 2023, Aldar Estates completed the acquisition of Basatin Landscaping Services, which complemented the acquisitions made in 2022, including Spark Security Services, Mace Macro Technical Services, Pactive Sustainable Solutions, and SAGA International Owner Association Management Services.
By consolidating IHC’s and ADNEC’s property and facilities management businesses within Aldar Estates, the platform will gain significant scale to drive its strategic and competitive strengths, leveraging operational and revenue synergies as well as its expanded strategic investor base to accelerate its growth across the UAE and the wider region. The platform will enhance its customer service across its larger client base, provide an even more integrated offering across its expanded suite of services while embracing digital advancements, driving innovation and promoting sustainability across its portfolio.
The enhanced platform will manage a portfolio of residential properties totalling approximately 135,000 units, prime retail and commercial spaces with Gross Leasable Area of more than 1 million sqm, and facilities management contracts valued at 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, solidifying its leading position in the region’s property and facility management industry.
As a key operating segment under the Aldar Investment business, Aldar Estates’ expanded platform will contribute significantly to the company’s transformational growth agenda and continue to be a focal service point 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 proptech capabilities. Eltizam’s portfolio of businesses contributed to Aldar Estates includes Colliers, Kingfield, Inspire Integrated, 800TEK, OrionTEK, and PropEzy.
