Abu Dhabi – Mubasher: Aldar Properties, International Holding Company (IHC), and Abu Dhabi National Exhibitions Company (ADNEC) will merge their jointly owned property and facilities management businesses within the Aldar Estates platform.
Under the partnership, IHC and ADNEC, a subsidiary of Abu Dhabi-based investment and holding firm ADQ, will become strategic shareholders in Aldar Estates, with Aldar owning a controlling stake in the new entity.
Meanwhile, Eltizam Asset Management Group, a leading property and facilities management services company owned by IHC and ADNEC, will join the Aldar Estates platform.
By integrating IHC’s and ADNEC’s property and facilities management businesses within Aldar Estates, the platform will be able to boost operational and revenue synergies as well as its expanded strategic investor base to accelerate its growth across the UAE and the wider region.
In May 2023, Aldar Estates completed the acquisition of Basatin Landscaping Services at a value of AED 150 million.
During the first three months (3M) of 2023, Aldar posted a year-on-year (YoY) jump in net profit attributable to the owners to AED 725.65 million, compared to AED 667.91 million.
IHC achieved net profits attributable to the shareholders amounting to AED 2.61 billion in the January-March 2023 period, an annual hike from AED 1.60 billion.
