AD Ports Group announces merger of KEZAD communities AD Ports Group announces merger of KEZAD communities
Now Reading
AD Ports Group announces merger of KEZAD communities with Al Eskan Al Jamae

AD Ports Group announces merger of KEZAD communities with Al Eskan Al Jamae

The combined entity will have an equity value of approximately Dhs 7bn, positioning it as one of the largest such businesses in the UAE

Zubina Ahmed

AD Ports Group, the leading facilitator of trade, logistics, and industry, announced the merger of KEZAD Communities with Al Eskan Al Jamae (EAJ) to create Abu Dhabi’s largest integrated staff accommodation company in which AD Ports Group will retain a controlling majority stake.

The combined entity will have an equity value of approximately Dhs 7bn, positioning it as one of the largest such businesses in the UAE. For the 9 months ended September 30, revenue was Dhs 275m for KEZAD Communities and Dhs 205m for EAJ. For the 9 months ended  September 30, EBITDA was Dhs 168m for KEZAD Communities and Dhs 120m for EAJ.

This transaction would be effected through an equity share swap with no cash exchange. KEZAD Communities is part of the Khalifa Economic Zones Abu Dhabi – KEZAD Group, under AD Ports Group’s Economic Cities & Free Zones.

EAJ, a leading staff accommodation owner and operator in Abu Dhabi, is a real estate development and management company that owns and operates ICAD Residential City in Mussafah, Abu Dhabi. The residential city has 58,000 beds along with recreational amenities such as restaurants and a mall.

Following the merger, KEZAD Communities will be the largest staff accommodation company in Abu Dhabi with owned and managed capacity of 135,000 beds. The combined entity will enable KEZAD Group to provide customers with integrated staff accommodation solutions comprising amenities and facilities (medical centres, gardens, sports areas, dining halls, and mosques) and services (supermarket and laundry).

Abdullah Al Hameli, CEO of Economic Cities & Free Zones, AD Ports Group said: “KEZAD Group continues to look for opportunities to leverage our assets and fully support the growth of priority industrial sectors in line with the vision of our wise leadership. This merger with EAJ significantly expands the number of staff accommodation assets under our control and extends the range of support services we can offer to our customers.”

Dr. Saeed Khalfan Al Kaabi, CEO of EAJ, said: “We are proud to join forces with KEZAD Communities, which has made significant strides to reshape the staff accommodation market. EAJ has pioneered a progressive and sustainable approach to the delivery of much-needed group housing development in Abu Dhabi and across the UAE, and this legacy will be extended through the expertise, resources, and reach of KEZAD Group moving forward.”

Read: KEZAD Group breaks ground on noon’s 252,000 sqm fulfilment centre

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top