UAE-Australia form management team

UAE-based developer, National Properties, has entered into a joint venture with Prudential Investment Company of Australia to launch the first strata and facilities management company for developers, home owners and tenants in the UAE.

UAE-based developer, National Properties, has entered into a joint venture with Prudential Investment Company of Australia to launch the first strata and facilities management company for developers, home owners and tenants in the UAE.

The joint venture is called BCS - Strata Management Services. Strata management refers to the day to day running and upkeep of a building or a group of buildings in a development, particularly common areas and facilities often owned and managed by authorised Owners Associations (also known as 'body corporates').

The strata management market in the UAE is currently estimated at over US $600 million (AED2.2 billion).

Adel Ahmed Lootah, CEO, National Properties said: "A differentiator in the growth of UAE real estate has been that many have realised the dream of owning their own home or place of work. But as we develop and grow it is becoming increasingly important to maintain the properties we already have for the benefit of owners, tenants and the country as a whole."

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