Dubai’s Deyaar makes standalone facilities management company

Dubai real estate developer Deyaar has announced it has separated its facilities management division into a standalone company.

In a bourse statement, the firm said Deyaar facilities Management LLC would build on the recent growth of the division with a new strategic vision and management.

The new company is 100 per cent-owned by Deyaar and the firm did not reveal whether the separation would result in a listing in the future.

It manages more than 500 properties and nearly 20,000 units, according to the statement, and offers so called ‘smart’ facilities management services.

“This is a significant milestone we have achieved due to the continued growth and increasing demand for our facilities management services,” said Deyaar chief executive Saeed Al Qatami.

“The transition of Deyaar Facilities Management to a stand-alone company means we can increase our focus on developing our portfolio of services and exceeding our customers’ expectations.”

Mohammed AbdulKarim Khamis the general manager of the division prior to its transition will take the same role.

The company will operate from new premises in Dubai’s Business Bay district following a recent move.

In a predictions post for Gulf Business earlier this year Al Qatami highlighted the need for affordable housing in the emirate.

Predictions 2016: Deyaar CEO Saeed Al Qatami

The firm recorded a 3.4 per cent rise in net profit last year.

Read: Dubai’s Deyaar sees 2015 profit rise 3.4%