Aldar Properties, International Holding Company and Adnec Group have announced that they will merge their jointly owned property and facilities management businesses.
The merger, within the Aldar Estates platform, creates the Middle East region’s largest property and facilities management company.
Under the agreement, Aldar will hold a majority stake and retain control of Aldar Estates with the remaining shareholding held equally between IHC and Adnec Group, the companies said in a statement to the Abu Dhabi Securities Exchange on Tuesday.
As part of the agreement, Eltizam Asset Management Group, a property and facilities management services company that operates across the GCC and is jointly owned by IHC and Adnec Group, will merge with Aldar Estates.
Aldar Estates completed the acquisition of Basatin Landscaping Services this year, which builds on acquisitions made in 2022, including Spark Security Services, Mace Macro Technical Services, Pactive Sustainable Solutions, and Saga International Owner Association Management Services.
The new deal will boost Aldar Estates' portfolio of residential units under management to about 135,000 from 77,000. That includes prime retail and commercial spaces with a gross leasable area of more than one million square metres, and facilities management contracts valued at about Dh2.5 billion ($681 million).
The consolidation will give the platform “significant scale to drive its strategic and competitive strengths, leveraging operational and revenue synergies as well as its expanded strategic investor base to accelerate its growth across the UAE and the wider region”, the statement said.
“The platform will also target new strategic opportunities, solidifying its leading position in the region’s property and facility management industry.”
Aldar Estates’ expanded platform will contribute significantly to Aldar Investment’s growth and continue to be a focal service point for Aldar’s real estate offerings in the market, the statement said.
Founded in 2009, Eltizam operates in the UAE, Saudi Arabia, Egypt and Oman. It provides clients with property and facilities management solutions, professional services and proptech capabilities.
Eltizam’s portfolio of businesses contributed to Aldar Estates includes Colliers, Kingfield, Inspire Integrated, 800TEK, OrionTEK and PropEzy.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
More from Rashmee Roshan Lall
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
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6026 – Dh 200
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
