UAE's Imdaad charts $16m acquisition plan for 2017
Oman and Qatar are being reviewed for acquisition prospects even as most growth comes from the UAE, Imdaad's CEO told ConstructionWeekOnline
UAE-based facilities management (FM) provider Imdaad announced it will invest up to $16m (AED60m) in the acquisition of local firms as part of its expansion plan this year.
At a press conference, Imdaad CEO Jamal Abdullah Lootah said the expansion plan for this year will target similar companies that can "add value" to the company's overall service offering.
The $16m is to be considered separately from any other growth investments Imdaad might make through the year, he added.
The company, which recorded $136m (AED500m) in revenue last year, also acquired a firefighting and a lift installation and maintenance company in 2016.
"We acquired the fire company [in 2016] at the right time," he said, adding the increased emphasis on fire safety in the UAE and region will boost the sector's growth.
While the acquired companies' names were not revealed, Lootah told ConstructionWeekOnline that the firefighting company is an established UAE provider of products and systems for the sector.
Responding to ConstructionWeekOnline's query regarding the geographical extent of the expansion plan, he added: "Oman could be a [market] for us, as could Qatar.
"We're studying these plans in detail but we've found that most [FM industry] growth is coming from the UAE market."
Imdaad and its partners in Oman are active in the local waste management-sector contract for Be'ah and in Qatar, the company is involved with the Pearl Qatar development.