Istithmar Opens Facilities Management Arm

DUBAI, UAE-A burgeoning global real estate investor now aims to be a player on the operational end of the business, as Istithmar has formed a new group that will self-manage the entity’s extensive commercial, industrial and residential holdings and eventually hopes to become a third-party provider of such services. The creation of Imdaad comes after Istithmar bought a 49% stake in its previous facilities management provider, Serco Gulf LLC. Company officials say they will incorporate the Serco operations into Imdaad.

“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.”