Abu Dhabi-based International Holding Company’s asset management subsidiary has bought Dubai’s Inspire Integrated for Dh37 million ($10.07m) to expand its operations in real estate, infrastructure property management and facilities management services.
Inspire Integrated will continue to operate under the same name, it said in a statement on Wednesday.
“This strategic move will further enhance our position in the region’s real estate and infrastructure sectors in both property and facilities management services,” Chris Roberts, group chief executive of Eltizam, said.
Inspire Integrated specialises in infrastructure and real estate management, facilities management and project delivery services.
The UAE’s real estate market is recovering steadily from the coronavirus pandemic-induced slowdown with Dubai recording property deals worth Dh14.97 billion last month, according to the listings portal Property Finder.
The property market is expected to grow by 7.4 per cent annually between 2021 and 2025 on the back of higher foreign investment and Expo 2020, according to Eltizam.
In the first-quarter of 2021, Abu Dhabi completed real estate transactions worth Dh11.5bn covering 3,847 land, building, and unit agreements and Eltizam aims “to be an integral part of this growth in terms of offering their complementary services”, it said.
“We believe that being part of the Eltizam Group will enable us to accelerate our business growth and allow us to offer better value for money to both our existing and future clients,” Andrew Law, executive director of Inspire Integrated, said.
Listed on Abu Dhabi Securities Exchange, IHC aims to boost its portfolio through mergers and acquisitions and strategic investments in a number of sectors including real estate, agriculture, healthcare, food and beverage, utilities and industries.
The company’s acquisition spree in the first six months of 2021 has led to the substantial growth of the company's balance sheet and its value. At the end of June, it had total assets worth Dh58.32bn, up from Dh14.01bn at the end of last year.
During the period, IHC acquired a 60 per cent stake in Afkar Financial and Property Investments, a 48 per cent share in Emirates Driving Company and a 60 per cent interest in Royal Horizon Holding and its subsidiaries, among others.
IHC became Abu Dhabi's most valuable listed company on June 27, when its shares surged by about 15 per cent after the listing of its subsidiary Alpha Dhabi.
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Global state-owned investor ranking by size
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COMPANY%20PROFILE%20
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RESULTS
Mumbai Indians 181-4 (20 ovs)
Kolkata Knight Riders 168-6 (20ovs)
Mumbai won by 13 runs
Rajasthan Royals 152-9 (20 ovs)
Kings XI Punjab 155-4 (18.4 ovs)
Kings XI Punjab won by 6 wickets
Killing of Qassem Suleimani
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Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
SERIES INFO
Cricket World Cup League Two
Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Table
The top three sides advance to the 2022 World Cup Qualifier.
The bottom four sides are relegated to the 2022 World Cup playoff
1 United States 8 6 2 0 0 12 0.412
2 Scotland 8 4 3 0 1 9 0.139
3 Namibia 7 4 3 0 0 8 0.008
4 Oman 6 4 2 0 0 8 -0.139
5 UAE 7 3 3 0 1 7 -0.004
6 Nepal 0 0 0 0 0 0 0
7 PNG 8 0 8 0 0 0 -0.458
UAE currency: the story behind the money in your pockets
Results
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Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
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Engine: 2.5-litre in-line four-cylinder
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Fuel consumption, combined: 7.6L / 100km
UAE currency: the story behind the money in your pockets
