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Wed 26 Sep 2018 04:00 PM

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Property giant Aldar buys remaining 40% stake in UAE's Khidmah

Aldar announces acquisition of property services firm Khidmah by taking ownership to 100%

Property giant Aldar buys remaining 40% stake in UAE's Khidmah
Abu Dhabi-based Aldar said the acquisition of Khidmah reinforces its commitment to the property management sector.

Aldar Properties on Wednesday announced that it has acquired 40 percent of Khidmah, a UAE-based integrated property services companies, taking its total ownership to 100 percent.

Abu Dhabi-based Aldar said the acquisition reinforces its commitment to the property management sector and its belief that world class property management is a key source of value creation for real estate owners, in particular the newly-created unit Aldar Investments.

"Having 100 percent ownership of Khidmah will enable Aldar to better serve both direct and indirect customers through the seamless integration of customer management between the developer and property/facility manager," a statement cited by state news agency WAM said.

Khidmah provides a range of services across property management, facilities management, and consultancy.

Talal Al Dhiyebi, CEO, Aldar Properties, said: "We are delighted to complete this acquisition and acquire the remaining 40 percent of Khidmah. Aldar has long been committed to the ongoing success of this business, and this acquisition reinforces that commitment to Khidmah, and most importantly to our valued real estate clients across the UAE and Saudi Arabia."

Jassem Saleh Busaibe, chairman of Khidmah, added: "This acquisition by Aldar comes at a time when it has won a number of prestigious contracts, completed several handovers of residential developments, and has an enviable pipeline of opportunities which will continue on ensuring that customer satisfaction is our number one priority.

"We look forward to working even closer with our stakeholders to make Khidmah the most successful business of its kind in the region."

Earlier this month, Aldar Properties spun off its property investment arm to create the region’s largest diversified real estate investment company with more than $5.4 billion in assets.

The new company – Aldar Investment Properties – will take ownership of some of Abu Dhabi’s highest revenue-generating real estate assets, including more than 5,000 residential units and over 500,000 square-metres of prime retail and commercial space, including Yas Mall and the Gate Towers and Arc.