Fri 02-09-2022 11:36 AM
ABU DHABI, 2nd September, 2022 (WAM) -- Aldar Properties today announced that it is scaling up its property and integrated facilities management platform through the full acquisition of Spark Security Services, a leading UAE-based manned guarding security services provider.
The all-cash AED125 million transaction further strengthens Aldar’s property and integrated facilities management platform to deliver a broader offering to customers, ranging from sales, leasing, property management, consultancy services, valuation advisory, hard and soft real estate maintenance, and energy management.
Together, these services will add significant value to Aldar’s AED23 billion (US$6.3 billion) portfolio of prime property across retail, residential, commercial, and logistics segments, in addition to an expanding roster of notable third-party clients across the region.
Established in 1974, Spark Security employees over 5,000 security professionals serving major organisations operating in a wide range of sectors, including infrastructure, banking, healthcare and hospitality.
Commenting on the transaction, Jassem Saleh Busaibe, Chief Executive Officer at Aldar Investment, said, "Building scale and capability in our property and integrated facilities management platform is integral to Aldar’s strategic transformation programme, and we are pleased to add Spark Security to our portfolio of highly professional service providers. There are strong synergies with our current operations, with Spark providing security expertise across our fast-growing portfolio of real estate assets. We also see the high potential to expand third-party client services as economic diversification gathers pace and the UAE hosts more major events."
Al Anood Abdulla Al Mulla, Chief Executive Officer at Spark Security, said that this acquisition marks a significant milestone for Spark Security to take the business to the next level and broaden the customer base across the UAE and wider region.
"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. We look forward to being part of Aldar’s ambitious growth plans and contributing to the success of its integrated property and facilities management platform," she added.
The property and integrated facilities management platform is part of the Aldar Investment business division and brings together a range of service providers, including facilities management firm Khidmah and property management companies Provis and Asteco.
Spark Security has provided security for a range of high-profile events, including Formula 1 Etihad Airways Abu Dhabi Grand Prix, the Papal visit to the UAE, Red Bull Air Race, Qasr Al Hosn Festival, and the Special Olympics World Games hosted by Abu Dhabi in 2019.