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.