Istithmar launches facilities management firm

Dubai-based investment holding company Istithmar today launched a facilities management company to oversee the group's various business interests. The firm, called Imdaad, will be responsible for the management of Istithmar's commercial, residential and industrial facilities, focusing on the provision of consultancy and operational several. Istithmar, part of the Dubai World group, said it would service a number of Dubai World's business units, including DP World, Jafza, Nakheel, Limitless, Dubai Waterfront, and Istithmar itself.

The move follows Istithmar's negotiations with global services firm Serco International for the purchase its 49% stake in Serco Gulf earlier this month, bringing to a close their existing facilities management joint venture partnership. Serco Gulf's services included facilities and maintenance solutions, HVAC (heating, ventilation and air conditioning) and plumbing services, cost and management reporting and 24-hour helpdesk services. Its clients included Nakheel and Dubai Municipality. Istithmar said long-term Imdaad would target commercial opportunities outside the Dubai World group in the public and private sectors.

Imdaad plans to establish operational offices and workshops throughout the Emirates, with its head office in Jebel Ali, Dubai. Source