Ejadah, Famah launch property services JV
Dubai, July 10, 2013
UAE’s Ejadah Asset Management Group has partnered with Famah Business Holding, a Riyadh based holding company, to launch a joint venture which will provide integrated real estate and community services in Saudi Arabia.
To be called Ejadah Asset Management Group Saudi Arabia, the new venture will provide services in the areas of property management, facilities management and community services and will be the first to offer integrated solutions in the real estate sector in the Saudi market.
Ejadah Saudi is set to be a leader in the field, building on the expertise and business model of Ejadah and Famah Business Holding’s invaluable local knowledge and complementary focus on infrastructure and public sector project investments, a statement said.
It will offer integrated services to landmark projects across the country with a number of contracts already in the pipeline.
The first office is set to open in Riyadh later this year and the venture sees Ejadah double the size of its business and is the first step towards its expansion plans in to further markets across the GCC over the next 18 months.
“We are delighted to announce this partnership with Famah Business Holding and are now one step closer to setting up our operation to offer world-class integrated services in Saudi Arabia. This joint venture marks a significant point in our expansion plans for 2013 and we are now looking at additional markets in the region,” said Billy Daly, CEO of Ejadah.
Hadi Bin Mohammed Al Faour, executive president and managing director of Famah Business Holding, said: “The scale and scope of real estate projects in the Kingdom demands world-class services and management. During our discussions with Ejadah, we realized the synergies in the vision and objectives of both companies. We are confident that our joint venture with Ejadah Group shall bridge the gap by offering world-class real estate and community services.”
Ejadah Saudi will extend its business model in sustaining and enhancing the value of real estate investments as well as offering career opportunities for Saudi nationals in real estate services through structured training and development programmes. – TradeArabia News Service