Farnek completes acquisition of Singapore-headquartered Certis
The facilities management firm bought Certis with an aim to become a 'major player in the UAE's security services market'
UAE-based facilities management company Farnek has completed the acquisition of Singapore-headquartered security services company Certis Guarding Services.
With this development, the Certis trademark will be rebranded as Farnek with workforce from Certis’ offices already relocated to Farnek’s head office in Dubai as well as the Abu Dhabi office.
Farnek’s decision to focus on security services is in line with the recent market figures by research firm, Frost & Sullivan, which forecast the Middle East commercial security market to grow at a compound annual growth rate (CAGR) of 16.5% to $5.6 billion by 2022.
The research further indicated that demand for IP-based video surveillance systems, access control and intrusion detectors would continue to drive the security market, supported by increased government spending on infrastructure projects and the introduction of more stringent regulations.
"Estimating an increase in demand for commercial security in the UAE over the next four to five years," said Farnek chief executive officer, Markus Oberlin. “We have been growing our security services division steadily and recently expanded our operations into Abu Dhabi."
He added: "However, to become a major player in the UAE [security services] market, we needed a substantial presence, to compete for major contracts that require considerable manpower, which occasionally can come with short term mobilisation. Acquiring Certis now affords us that presence and flexibility, as well as a competent and experienced security workforce.”