Dubai: Aldar Properties has expanded its property services portfolio by buying Spark Security Services in all-cash Dh125 million transaction. Spark, founded in 1974, has a workforce of more than 5,000 security professionals, and has been associated with handling events such as the F1 in Abu Dhabi, the Papal visit to the UAE, the Red Bull Air Race, among others.
“There are strong synergies with our current operations, with Spark providing the security expertise across our fast-growing portfolio of real estate assets,” said Jassem Saleh Busaibe, CEO at Aldar Investment.
We also see high potential to expand third-party client services as economic diversification gathers pace and the UAE hosts more major events.
These services will add ‘significant value to Aldar’s Dh23 billion ($6.3 billion) portfolio of prime property’ in addition to an ‘expanding roster of third-party clients across the region’.
Ties in neatly
In the recent past, Aldar had bought the Dubai property services firm Asteco, and there is also the property management firm Provis. The facilities management entity is Khidmah. Spark’s entry would thus fill another element of an integrated property services portfolio for Aldar, both at its own projects and for others.
According to Busaibe, “Building scale and capability in our property and integrated facilities management platform is integral to Aldar’s strategic transformation programme.”
We are excited that Aldar, a long-standing partner, has made this investment to support our growth strategy, opening opportunities for us within its extensive portfolio of operating assets and supporting new business development