15.4 C
February 2, 2023
Egypt Bulletin

Aldar Properties acquires Spark Security for AED 125 million

Spark Security Services, a leading provider of manned guarding security services in the UAE, is being fully acquired by Aldar Properties in order to scale up its property management and integrated facilities management platform. Aldar’s property and facilities management platform is further strengthened by the all-cash transaction of AED125 million, which will enable the company to offer customers a wider range of services, such as sales, leasing, property management, consultancy, valuation advice, energy management, and hard and soft real estate maintenance.

Aldar Properties acquires Spark Security for AED 125 millionAs a result, Aldar’s AED23 billion (US$6.3 billion) portfolio of prime properties, including retail, residential, commercial, and logistics properties, will gain significant value. Since its inception in 1974, Spark Security has employed over 5,000 security professionals serving a wide range of industries, including infrastructure, banking, healthcare, and hospitality.

Property and integrated facilities management is part of Aldar Investment’s business division, which includes Khidmah facilities management, Provis property management, and Asteco property management. As a security company, Spark Security has provided security for a number of high-profile events including Formula 1 Etihad Airways Abu Dhabi Grand Prix, Papal visit to the UAE, Red Bull Air Race, Qasr Al Hosn Festival, and the Special Olympics World Games in Abu Dhabi in 2019.

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