"We wish the new company every success in its future endeavors," says Sultan Ahmed Bin Sulayem, chairman of Istithmar parent Dubai World Group, in a release announcing the initiative. Istithmar, which serves as the private equity arm of the Dubai government, now has a global real estate portfolio approaching $8 billion, and the oil-funded organization is aggressively expanding into new territories such as India and China. Half of Istithmar's portfolio is in the US, while about 20% is in the Middle East.

Imdaad will have offices throughout the United Arab Emirates, and will be headquartered in Jebel Ali. Besides Istithmar's own assets, the operation will offer consulting and facilities management assistance to other Dubai World Group divisions, among them Nakheel, DP World, Dubai Waterfront and Jafza. No timetable has been set for farming out the capabilities on a third-party basis, but Imdaad Chairman Ahmed Butti Ahmed pledges that the company "will ensure the delivery of the best services to our clients and their customers in the most efficient manner possible."

Jamal Abdullah Lootah has been named CEO of Imdaad after more than 15 years working in various management capacities on behalf of the Dubai World Group. "With our extensive experience in handling projects of such magnitude in the past, we are confident that we will have a major influence on improvements in service standards in the facilities management industry, both locally and across the region," Lootah says.