22 April 2009
Property sales and leasing company Aswaq Management and Services (AMS) has ruled out launching an initial public offering or going into the real estate development business.
"The company will continue to focus on its core real estate management services," Chairman Nassir Mohammed Al Nowais told Emirates Business at Cityscape Abu Dhabi. "We would like to keep providing services to our clients. If we start developing and owning properties then we would be competing with our clients.
"We are purely service providers and do not own any assets. We are not set up to be owners and developers. We try to concentrate on what we are good at."
Asked whether an IPO was likely, he said: "We don't have plans to go public, especially not at this stage. We are doing well with our businesses. We have affiliate offices throughout the region - in Jordan, Lebanon and Bahrain and will open an affiliate office in Qatar in the third quarter of this year."
The Abu Dhabi-based company, which offers mixed-used property consultancy in addition to sales and leasing services, was formed in 2000 as a joint venture between France's Societe des Centres Commerciaux, Sheikh Mohammed bin Surour Al Nahyan and Al Nowais.
"For AMS, 2008 was the best year we have had. We have been quietly going about our core business, which is providing management, leasing and consultancy services for shopping malls. In 2007 the company decided to offer these services for residential and office buildings. Last year was our first full year of offering those services and we did well. Now we are continuing to grow that division."
He said the final quarter was the worst of the year in terms of growth and business. "Eighty per cent of our revenues and profits were generated in the first three quarters, without a doubt. Our turnover last year was $10 million (Dh37m), and we expect further growth this year. During 2008, 59 per cent of our total revenues were contributed by leasing and sales services, with 27 per cent coming from retail leasing services and 32 per cent from residential and commercial sales and leasing activities. In 2009 we forecast stronger growth.
AMS-Imdaad partnership
AMS has linked up with Dubai-based Imdaad to provide facility management services including consultancy, strata and operations management, health, safety and environmental services in the region.
The partnership will focus on AMS' assigned properties in Abu Dhabi and other emirates as well as in other GCC and Levant countries.
The joint venture agreement was signed by AMS Chairman Nasser Mohammed Al Nowais and Jamal Abdullah Lootah, CEO of Imdaad.
"Within the context of the global financial crisis, the challenge of the real estate market in the Middle East is to provide better quality service and management with the assistance and expertise of specialised property consultants and the skills of qualified managers and service providers," said Al Nowais.
"Imdaad provides a high-standard expertise in facilities management and has an excellent track record of maintaining key properties across the region.
"The vision of the company is to build a global brand that is universally acknowledged as a market leader in the provision of professional facility management solutions and services."
Lootah said: "We have been associated with some key projects across the region that has provided us with a competitive edge over the others.
"Our venture with AMS places new responsibilities on us and we are confident of executing them effectively and seamlessly in a most professional manner."
Property sales and leasing company Aswaq Management and Services (AMS) has ruled out launching an initial public offering or going into the real estate development business.
"The company will continue to focus on its core real estate management services," Chairman Nassir Mohammed Al Nowais told Emirates Business at Cityscape Abu Dhabi. "We would like to keep providing services to our clients. If we start developing and owning properties then we would be competing with our clients.
"We are purely service providers and do not own any assets. We are not set up to be owners and developers. We try to concentrate on what we are good at."
Asked whether an IPO was likely, he said: "We don't have plans to go public, especially not at this stage. We are doing well with our businesses. We have affiliate offices throughout the region - in Jordan, Lebanon and Bahrain and will open an affiliate office in Qatar in the third quarter of this year."
The Abu Dhabi-based company, which offers mixed-used property consultancy in addition to sales and leasing services, was formed in 2000 as a joint venture between France's Societe des Centres Commerciaux, Sheikh Mohammed bin Surour Al Nahyan and Al Nowais.
"For AMS, 2008 was the best year we have had. We have been quietly going about our core business, which is providing management, leasing and consultancy services for shopping malls. In 2007 the company decided to offer these services for residential and office buildings. Last year was our first full year of offering those services and we did well. Now we are continuing to grow that division."
He said the final quarter was the worst of the year in terms of growth and business. "Eighty per cent of our revenues and profits were generated in the first three quarters, without a doubt. Our turnover last year was $10 million (Dh37m), and we expect further growth this year. During 2008, 59 per cent of our total revenues were contributed by leasing and sales services, with 27 per cent coming from retail leasing services and 32 per cent from residential and commercial sales and leasing activities. In 2009 we forecast stronger growth.
AMS-Imdaad partnership
AMS has linked up with Dubai-based Imdaad to provide facility management services including consultancy, strata and operations management, health, safety and environmental services in the region.
The partnership will focus on AMS' assigned properties in Abu Dhabi and other emirates as well as in other GCC and Levant countries.
The joint venture agreement was signed by AMS Chairman Nasser Mohammed Al Nowais and Jamal Abdullah Lootah, CEO of Imdaad.
"Within the context of the global financial crisis, the challenge of the real estate market in the Middle East is to provide better quality service and management with the assistance and expertise of specialised property consultants and the skills of qualified managers and service providers," said Al Nowais.
"Imdaad provides a high-standard expertise in facilities management and has an excellent track record of maintaining key properties across the region.
"The vision of the company is to build a global brand that is universally acknowledged as a market leader in the provision of professional facility management solutions and services."
Lootah said: "We have been associated with some key projects across the region that has provided us with a competitive edge over the others.
"Our venture with AMS places new responsibilities on us and we are confident of executing them effectively and seamlessly in a most professional manner."
By Nissar Hoath
© Emirates Business 24/7 2009
