UAE's Eltizam Asset Management Group earmarks Dh200m for M&A in GCC
Eltizam in talks with companies to finalise deals by year-end
The UAE's Eltizam Asset Management Group, a real estate asset management company, is seeking acquisitions of facilities and property management firms in the country and the wider Arabian Gulf to expand its regional footprint.
The company has earmarked Dh200 million for mergers and acquisitions in 2019 and 2020, Eltizam said on Saturday. It is in talks with several companies to finalise deals by the end of this year as it plans to expand in Oman, Kuwait and Saudi Arabia through joint ventures, mergers and acquisitions.
"We want all services that our clients may seek to be available with Eltizam – essentially allowing us to not only control the asset but also protect the asset to ensure it is managed and maintained in line with best practice," said Chris Roberts, chief executive of Eltizam Asset Management Group.
"This allows us to enhance the asset and reduce the overall cost base providing much better returns to investors in any asset class."
Established in 2009, Abu Dhabi-based Eltizam Asset Management underwent restructuring into the current group of companies in 2014. Its subsidiaries Three60 Communities provides community and property management solutions while Tafawuq Facilities Management coordinates and oversees the maintenance of facilities.
Last week, Abu Dhabi’s government made changes to real estate laws allowing foreigners to own freehold property in designated zones to increase foreign direct investment and boost the economy.
Until the changes, ownership of property was only allowed for UAE and GCC nationals.
Now residential units in specially designated investments zones, such as the one close to the international airport, will be registered under Abu Dhabi’s freehold law, with property ownership deeds issued to investors.
Updated: April 20, 2019 05:47 PM