Zabeel Investments buys stake in Asteco Development Management

Dubai: Zabeel Investments, the UAE-based multi-diversified investment company, has acquired a significant stake in Asteco Development Management, the real estate development management arm of the Asteco Group of Companies.

The two companies already share a successful professional relationship and work together on a number of projects. In July this year, Zabeel Investments entered into an equity partnership with Asteco Property Management, a strategic move that has invigorated Asteco's regional growth while allowing Zabeel to enhance its after-sales service, leasing and property management services.

"As a result of this move, Zabeel Investments will be able to further boost our real estate portfolio. Asteco is synonymous with providing quality property services, and hence it is a logical decision to acquire the stake in the company," Zabeel Investments executive chairman Mohammad Ali Al Hashimi said.