Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Aldar Estates buys FAB Properties

The acquisition of FAB Properties follows the recent announcement of Aldar Estates’ merger with Eltizam Asset Management Group. (WAM)
  • The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties.
  • The platform will now comprise 157,000 residential units under management, prime retail, and commercial spaces.

ABU DHABI, UAE – Aldar Estates has announced the acquisition of FAB Properties, a UAE-based provider of property management services.

The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties within its expanding platform in the UAE.

The acquisition of FAB Properties follows the recent announcement of Aldar Estates’ merger with Eltizam Asset Management Group, adding further weight to Aldar Estates’ portfolio.

The platform will now comprise 157,000 residential units under management, prime retail, and commercial spaces across a total gross leaseable area (GLA) of more than 1 million, and facilities management contracts valued at approximately US$680 million (AED2.5 billion).

The transaction, following regulatory approvals, is expected to provide a solid vein of recurring income to the Aldar Estates platform based on the strong occupancy across the FAB Properties portfolio and its robust 2022 financial performance.

As part of the agreement, Aldar Estates will also benefit from a stable growth pipeline as the exclusive management partner for properties financed by FAB.

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar and Chairman of Aldar Estates, said, “Aldar Estates has emerged as the regional leader in property and facilities management through transformative acquisitions in the past 12 months.”

He said, “The acquisition of FAB Properties adds further scale to our business through a diverse portfolio of properties under management and access to a broader client base across the UAE, with room for further growth.”

Hana Al Rostamani, Group Chief Executive Officer of FAB, said that through this transaction and future collaborations with Aldar Estates, his company will further enhance the property services offering available to the clients while creating new opportunities to support their growth.

He said that this partnership adds significant value and provides best-in-class, comprehensive services in the property sector.