Dubai, UAE — Aldar Properties, International Holding Company (IHC) and ADNEC Group will merge their jointly owned property and facilities management businesses within the Aldar Estates platform.
Under the agreement, IHC and ADNEC Group, a subsidiary of ADQ, will become strategic shareholders in Aldar Estates, while Aldar Properties will retain a majority stake and maintain control over the combined platform.
As part of the consolidation, Eltizam Asset Management Group, a property and facilities management services company across the GCC jointly owned by IHC and ADNEC Group, will also join the Aldar Estates platform.
The combined platform will oversee a substantial portfolio, including approximately 135,000 residential units, prime retail and commercial spaces spanning over 1 million sqm of Gross Leasable Area, and facilities management contracts valued at around AED 2.5 billion.
This merger will bring together the expertise and resources of the three companies to create a more robust and competitive entity, they said in a statement.
In 2023, Aldar Estates acquired Basatin Landscaping Services, complementing previous acquisitions such as Spark Security Services, Mace Macro Technical Services, Pactive Sustainable Solutions, and SAGA International Owner Association Management Services made in 2022.
Eltizam Asset Management Group, established in 2009, operates in the UAE, Saudi Arabia, Egypt, and Oman, providing property and facilities management solutions, professional services, and proptech capabilities. Eltizam’s businesses, including Colliers, Kingfield, Inspire Integrated, 800TEK, OrionTEK, and PropEzy, will contribute to Aldar Estates’ portfolio, further enhancing its strength and capabilities.
