Aldar Properties today announced that it has acquired 40% of Khidmah - one of the UAE’s leading integrated property services companies - taking its total ownership to 100%.
The acquisition reinforces Aldar’s 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 Aldar Investments. Furthermore, it supports its vision of delivering high quality, desirable destinations in which to live, work and play. Having 100% 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.
Khidmah, a trusted partner of developers, landlords and corporate/ government entities, provides a range of services across property management, facilities management, and consultancy.
Commenting on the acquisition, Talal Al Dhiyebi, Chief Executive Officer, Aldar Properties, said, "We are delighted to complete this acquisition and acquire the remaining 40% 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. From an Aldar perspective, customers have long viewed Khidmah as an extension of our brand and values, and this ensures that we now have complete control over that process."
Jassem Saleh Busaibe, Chairman of Khidmah, said, "Khidmah has won multiple awards for its integrated real estate solutions, and has a strong track record in dealing with Government, corporate and retail customers across the UAE and Saudi Arabia. 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."