Abu Dhabi, UAE—AD Ports Group Tuesday announced the merger of KEZAD Communities with Al Eskan Al Jamae to create Abu Dhabi’s largest integrated staff accommodation company in which AD Ports Group will retain a controlling majority stake.
The combined entity will have an equity value of approximately AED7 billion ($1.90 billion). This transaction would be effected through an equity share swap with no cash exchange.
For the nine months ended 30 September 2022, revenue was AED275 million for KEZAD Communities and AED205 million for EAJ.
KEZAD Communities is part of the Khalifa Economic Zones Abu Dhabi – KEZAD Group, under AD Ports Group’s Economic Cities & Free Zones. KEZAD Communities business dates back to 2005 and was operated previously under ZonesCorp.
EAJ, a leading staff accommodation owner and operator in Abu Dhabi, is a real estate development and management company that owns and operates ICAD Residential City in Mussafah, Abu Dhabi. The residential city has 58,000 beds along with recreational amenities such as restaurants and a mall. EAJ also operates several fully owned subsidiaries offering support services, including Khadamat, a facilities’ management company, EJRC, a property management company, and Your Laundry.
Following the merger, KEZAD Communities will be the largest staff accommodation company in Abu Dhabi with owned and managed capacity of 135,000 beds. The combined entity will enable KEZAD Group to provide customers with integrated staff accommodation solutions comprising amenities and facilities (medical centres, gardens, sports areas, dining halls, and mosques) and services (supermarket and laundry).