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Sharjah Asset Management enters JV with Apleona FM

A "void" in Sharjah's FM market led to the establishment of the TFM service provider JV, which has already bagged two contracts worth $5.4m

A 'void' in Sharjah's FM market led to the establishment of a JV between Sharjah Asset Management and Apleona. [Representational image]
A 'void' in Sharjah's FM market led to the establishment of a JV between Sharjah Asset Management and Apleona. [Representational image]

Sharjah Asset Management (SAM), the investment arm of the emirate's government, has entered a joint venture (JV) with FM service provider Apleona.

Apleona, formerly known as Bilfinger Facility Management and Building Services, recorded revenues worth $2.7bn (AED10bn) for the 2015 financial year.

HE Waleed Al Sayegh, CEO of SAM and Dr Gert Riegel, COO of Apleona FM Frankfurt, inked the JV agreement. 

Remarking on the company's establishment, Al Sayegh said: "We consistently aim to deliver exceptional service in the field of FM and building maintenance services.

"Once we identified that there was a void in Sharjah for delivering this level of service, and that no one was readily available to advise clients on how to improve their assets through various management operation principles, we decided that SAM should seek to assist to bridge this market gap."

The JV will see the establishment of a TFM service provider for the Sharjah market, which has already bagged two contracts worth $5.4m (AED20m). 

Technical services such as energy management and power and water technology services will also be delivered by the JV. 

The company will service clients across Sharjah, as well as SAM's wholly or partially owned properties. 

 

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