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Zabeel acquires stake in Asteco Development
- October 15, 2006, 2:19 pm
Zabeel Investments, the UAE-based multi-diversified investment company, has acquired a significant stake in Asteco Development Management, the real estate development management arm of the Asteco Group of Companies.
The two companies already share a successful professional relationship and work together on a number of projects. In July this year, Zabeel Investments entered into an equity partnership with Asteco Property Management, a strategic move that has invigorated Asteco’s regional growth while allowing Zabeel to enhance its after-sales service, leasing and property management services.
Zabeel Investments Executive Chairman Mohammed Ali Al Hashimi stated that the acquisition would bolster Zabeel Investments’ industry position. ‘As a result of this move, Zabeel Investments will be able to further boost our real estate portfolio. Asteco is synonymous with providing quality property services, and hence it is a logical decision to acquire the stake in the company,’ he said.
The acquisition brings closer together the complementary capabilities of two leading companies and represents a step forward for their businesses in the region. While reflecting the ambition of Zabeel Investments to consolidate its presence in the region’s real estate industry, the move will allow Asteco Development Management to leverage Zabeel Investments’ resources in its mission to emerge as the leading property development services company in the UAE.
‘By joining forces with Zabeel Investments, we will be able to accelerate our growth in the UAE and beyond,’ explained Said Mneimne, Managing Director for Asteco Development Management. ‘We are eager to take advantage of Zabeel Investments’ support, extensive resources, operational scale and world-class technologies to improve the services we deliver to users. In addition this will further raise Asteco’s profile, and bolster its reputation for delivering world-class property services consultancy,’ he added.
Zabeel Investments has multi-diverse business interests spanning various economic sectors including commercial real estate development and management, tourism and hospitality, private equity and asset management in the UAE, GCC and international markets.
The company has already established itself in the real estate sector with the development of Tiara Residence, the multi-gated community development on the Palm Jumeirah, and its innovative offer of a 30 per cent rental return guarantee scheme over a period of three years for customers.
Zabeel Investments and Asteco cooperate on a number of signature projects in Dubai including AED 2.1 billion Tiara Residence, which features seven 15-storey luxury apartment buildings and a hotel and resort, which epitomises true elegance and style as well as offering the finest traditions of Asian hospitality.
Founded in Dubai in 1985, Asteco is the UAE’s largest property services company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property management and marketing; feasibility studies and valuations; and research and investment.
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