FAB Properties, a unit of the UAE’s First Abu Dhabi Bank, is teaming up with Eltizam Asset Management Group to provide asset management services to its clients.
As part of the agreement, the two companies will explore the operational and commercial synergies that Eltizam Group offers across a variety of services, including facilities management, security and energy saving services and community management, among others, according to a statement from FAB Properties on Monday.
“It is through partnerships like these that we can further expand our capabilities and facilities management services,” said Jasim Al Ali, chief executive of FAB Properties.
FAB Properties, which is based in Abu Dhabi, manages a diverse portfolio of more than 22,000 commercial and residential units in the UAE. The company, a subsidiary of the UAE’s largest bank, was set up in 2011.
“These strategic partnerships will support our ambition to diversify our portfolio with the ever-changing dynamics of the asset management world,” said Chris Roberts, group chief executive of Eltizam Asset Management Group.
Eltizam Group, which is part of Abu Dhabi-listed International Holding Company, has significant investments across the Middle East and North Africa region in facilities management and real estate management. Last year, Abu Dhabi’s holding company ADQ bought a 50 per cent stake in Eltizam to boost its portfolio.
The new partnership “serves as the stepping stone towards a long and collaborative partnership between FAB Properties and Eltizam Asset Management Group, who both share core beliefs and goals”, the two companies said.
First Abu Dhabi Bank reported a 54 per cent jump in its third-quarter profit in 2021, on the back of higher net interest income and gains on investments, it said in October. Net interest income during the period rose 10 per cent to Dh3.14 billion, while the gain on investment and derivatives surged to Dh2.01bn from Dh391.4 million in the same period last year.
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Scores
Scotland 54-17 Fiji
England 15-16 New Zealand
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
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Engine: 8.0-litre, quad-turbo 16-cylinder
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