Abu Dhabi, UAE-– Aldar Properties Friday announced that it is scaling up its property and integrated facilities management platform through the full acquisition of Spark Security Services, a UAE-based manned guarding security services provider.
Aldar said the all-cash AED125 million ($34 million) transaction strengthens its property and integrated facilities management platform to deliver a broader offering to customers, ranging from sales, leasing, property management, consultancy services, valuation advisory, 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 property across retail, residential, commercial, and logistics segments, in addition to an expanding roster of notable third-party clients across the region, Aldar said.
Established in 1974, Spark Security employs over 5,000 security professionals serving major organisations operating in a wide range of sectors, including infrastructure, banking, healthcare and hospitality.
Commenting on the transaction, Jassem Saleh Busaibe, Chief Executive Officer at Aldar Investment, said, “Building scale and capability in our property and integrated facilities management platform is integral to Aldar’s strategic transformation programme, and we are pleased to add Spark Security to our portfolio of highly professional service providers.”
Al Anood Abdulla Al Mulla, Chief Executive Officer at Spark Security, said that this acquisition marks a significant milestone for Spark Security to take the business to the next level and broaden the customer base across the UAE and wider region.
Spark Security has provided security for a range of high-profile events, including Formula 1 Etihad Airways Abu Dhabi Grand Prix, the Papal visit to the UAE, Red Bull Air Race, Qasr Al Hosn Festival, and the Special Olympics World Games hosted by Abu Dhabi in 2019.