A unit of Aldar Properties has acquired FAB Properties, which provides property management services, as Abu Dhabi’s biggest listed developer continues to expand its portfolio in the country.
Under the deal, Aldar Estates will integrate a property management portfolio of 22,000 residential units across 600 properties into its expanding platform in the UAE, Aldar said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
“The acquisition of FAB Properties adds further scale to our business through a diverse portfolio of properties under management and access to a broader client base across the UAE, with room for further growth,” said Talal Al Dhiyebi, group chief executive of Aldar and chairman of Aldar Estates.
Pending regulatory approvals, the acquisition is expected to bolster Aldar Estates' recurring income due to strong occupancy across the FAB Properties portfolio and its “robust” 2022 financial performance, Aldar said.
Aldar Estates will also benefit from a “stable” growth pipeline as the exclusive property management partner for properties financed by FAB, the company added.
FAB Properties, a unit of the UAE's biggest lender First Abu Dhabi Bank, was set up in 2011.
It specialises in end-to-end real-estate solutions, ranging from marketing, leasing, facility management and financial reporting.
The sale is in line with FAB Group's plan to "leverage strategic partnerships to create value and to enhance specialised service offerings", the lender said in a separate statement to the ADX on Monday.
The transaction is not expected to have a material impact on the group's financial performance for the full year of 2023, it said.
“Through this transaction and future collaborations with Aldar Estates, FAB will further enhance the property services offering available to our clients, while creating new opportunities to support their growth,” said Hana Al Rostamani, group chief executive of FAB.
Aldar is at the heart of Abu Dhabi’s efforts to develop its property sector. The developer continues to expand its portfolio, announcing a number of new deals this year.
In July, Eltizam Asset Management Group, a property and facilities management services company that is jointly owned by IHC and Adnec Group, was merged with Aldar Estates.
The latest deal will boost Aldar Estates' portfolio of residential units under management to 157,000.
That includes prime retail and commercial spaces with a gross leasable area of more than one million square metres, and facilities management contracts valued at about Dh2.5 billion ($681 million).
The UAE property market has bounced back strongly from the coronavirus pandemic thanks to government initiatives, higher oil prices and other measures to support the economy.
Abu Dhabi recorded 10,557 real estate transactions worth Dh46.33 billion in the first half of 2023 amid strong demand from buyers, according to official data.
The value of the deals more than doubled during the six-month period, while the volume of transactions, which include property sales and mortgages, rose by 41 per cent on an annual basis, the Abu Dhabi media office reported, citing data from the Department of Municipalities and Transport.
Wonka
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Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Company%20profile
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
KILLING OF QASSEM SULEIMANI
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
CRICKET%20WORLD%20CUP%20LEAGUE%202
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MATCH INFO
Watford 1 (Deulofeu 80' p)
Chelsea 2 (Abraham 5', Pulisic 55')
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
Company%20Profile
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Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
