Eltizam Asset Management Group, a joint venture between International Holding Company and ADNEC Group, will merge its operations with Aldar Estates, a subsidiary of Aldar Properties. This will expand Aldar Estates' portfolio to manage over AED 2.5 billion ($675 million) worth of real estate assets.
The merger will see IHC and ADNEC Group become minority shareholders in Aldar Estates while Aldar retains majority control. Combining Eltizam's operations, which span the GCC, with Aldar Estates will grow Aldar Estates' portfolio to include over 135,000 residential units, over 1 million square meters of retail and commercial space, and AED 2.5 billion worth of facilities management contracts.
Aldar Estates says the expanded scale will strengthen its strategic position and allow it to pursue new opportunities while providing additional services to customers. IHC and ADNEC Group noted the merger will generate "operational and revenue synergies" and accelerate growth in the UAE and wider region.
IHC, which has a market value of over AED 866 billion, topped Forbes Middle East's list of largest listed companies in the UAE for 2023. Aldar Properties, worth over AED 40 billion by market value, ranked 31st on the same list.
