ALDAR, IHC, AND ADNEC GROUP CREATE REGION’S LARGEST PROPERTY AND FACILITIES MANAGEMENT COMPANY THROUGH EXPANDED ALDAR ESTATES PLATFORM

Eltizam Asset Management Group, jointly owned by IHC and ADNEC Group, will merge with Aldar Estates
Aldar will hold a majority stake and retain control of Aldar Estates with the remaining shareholding held equally between IHC and ADNEC Group
The merger will see Aldar Estates 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

Abu Dhabi, UAE – 04 July 2023: Aldar Properties PJSC (‘Aldar’), 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. 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.

As part of the agreement, Eltizam Asset Management Group (‘Eltizam’), 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. 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.

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