As a result of the merger of Aldar, IHC and Adnec Group, there will be a new leader in real estate management, with a portfolio of about 135K properties

Aldar has announced a merger with IHC and Adnec Group, resulting in the formation of a major real estate management corporation in Abu Dhabi. The portfolio of the new giant, called Aldar Estates, will now include around 135K properties throughout the region.

Over the past year, Aldar Estates has expanded its scope of operations, including the activities of the Provis and Khidmah subsidiaries. Starting from 2022, the company incorporated Spark Security Services, Mace Macro Technical Services, Pactive Sustainable Solutions, SAGA International Owner Association Management Services and Basatin Landscaping Services. Aldar will retain a dominant stake in the joint venture, while IHC and Adnec Group partners will split the remaining stakes equally.

The new deal with Eltizam Asset Management Group, which is controlled by IHC and ADNEC Group, will significantly increase the number of properties managed by Aldar Estates. Through the merger, the company's portfolio will grow from 77K units to 135K residential and commercial units, and the cost of the management contracts will total nearly AED 2.5B (USD 680M).

By combining their strengths, the companies will be able to offer clients a wider range of products, improve the service quality, introduce new technologies and expand their customer network. The consolidation will strengthen Aldar Estates' position in the UAE real estate market, as well as expand its sphere of influence and allow it to develop new strategic directions in other regions.