Abu Dhabi’s Aldar fully acquires property services firm Khidmah

Abu Dhabi developer Aldar Properties said on Wednesday it had acquired the 40 per cent of property services firm Khidmah it does not already own.

The deal gives Aldar full ownership of Khidmah and will allow it to “better service both direct and indirect customers” including landlords and government entities, it said.

Read: UAE’s Aldar Properties creates new subsidiary with Dhs20bn assets

Aldar said the transaction would also add value to its recently launched subsidiary, Aldar Investments, which looks after recurring-revenue assets worth Dhs20bn ($5.4bn).

Aldar Investments raised $500m in a seven-year sukuk on Wednesday with a profit rate of 4.75 per cent. The proceeds will be used to finance Aldar’s existing debt.

“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,” said CEO Talal Al Dhiyebi.

“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.”

Khidmah provides property management, facilities management and consultancy services.

The value of the transaction was not disclosed.