Mergers and acquisitions new mantra for corporate success

OUR CORRESPONDENT / Emirates Business

Mergers and acquisitions have been dominating the business ecosystem in UAE. At a time when financial institutions are shying away from giving easy loans and big lenders are becoming more cautious while releasing funds, mergers and acquisitions is emerging as a clear-cut mantra for corporate success.
One such recent merger has seen the creation of UAE’s largest privately owned community management company in Dubai.
Three60 Communities, subsidiary of Eltizam Asset Management Group, one of the UAE’s leading asset management companies, has inked a merger with Novus Community Management for a new Dubai entity, creating UAE’s largest privately owned community management company. The new company has also acquired the assets of Premium Community Management, a strategic acquisition that will further drive the company forward.
“This merger represents a major step in our journey to provide the best community management offering in the market. Now more UAE residents will be able to benefit from Three60’s services and expertise as well as Eltizam’s wider family of management and operating companies,” said Chris Roberts, CEO of Eltizam Asset Management Group.
“Eltizam would like to thank RERA for its support, assistance, and guidance in ensuring full compliance and adherence to the rules and regulations required during this agreement,” he added. Eltizam has witnessed a rapid growth in a short period of time and expanded its operations from its head office in Abu Dhabi, to opening Business Bay and Al Barsha offices in Dubai.
“This agreement is another significant step forward for us, and the merger and acquisition are coming at the right time for the company to consolidate a dominant position in the Dubai market,” said James Gallon, Partner at PRD Nationwide Real Estate and shareholder in the new merger.
According to Three60 Communities’ management, the merger and acquisition are expected to have an immediate impact on Eltizam’s annual earnings and profitability. It was also indicated that the merger and acquisition will add value, efficiencies, and greater services to an increasing number of clients, and has created the largest privately owned community management company in the UAE.
Imad Namrawi, General Manager of Three60 Communities, said, “Three60 Communities’ vast experience in managing communities and housing associations in the UAE has culminated in our coming together to create a large and dynamic organisation. This will immediately strengthen our market position and offer improved services to our clients.”
Three60 Communities manages every aspect of a real estate development to provide a community beyond the ordinary. As professional managers, its services are designed with the objective of preserving and enhancing asset value and to add life to the communities.