Abu Dhabi, Oct 08th, 2008 (WAM): Al Benaa Real Estate PJSC announced today a joint venture agreement with Far East Organization (FEO), of Singapore. The new company, called Far East Property Services-UAE, will be based in Abu Dhabi.
The joint venture will enable Al Benaa to benefit from the international experience of the Far East organization which has ample achievements in the property and facility management sector to meet the needs and requirements of Abu Dhabis real estate market on an international standard. The signing ceremony was attended by Hamad Saif Al Mansouri-Chairman of Al Benaa, and Sheikh Mubarak Bin Ham Al Ameri Vice Chairman. Al Mansouri stressed Al Benaa's participation in the establishment of new towns and neighbourhoods with an emphasis on the environment and social aspects of development. Al Benaas social concern extends to the elderly and handicapped. Thus the Far East Property Services-UAE will be contributing to community-focused developments as well as commercial and residential properties. Far East Property Services-UAE is projected as a major development on Abu Dhabis real estate scene. It leverages Al Benaas highly developed local expertise and business relationships, with FEOs proven track record along the industry value chain. Far East Property Services-UAE complements Al Benaas existing businesses, and contributes to the companys mission. Far East Property Services-UAE will initially target new management projects in Abu Dhabi. In the longer term, it will act as Al Benaas management arm. An important area of focus for the new firm will be resort and hospitality developments, where the firm will provide end-to-end management solutions, said the statement. Al Benaas CEO, Noora Jassem Al Nuwais commented: 'Al Benaa Real Estate is really just at the beginning of what we hope will be a highly successful growth period. While we are justly proud of what we have accomplished in a short time, we do not forget that we owe our achievements, in large measure, to the conditions here in Abu Dhabi and the UAE created by the government and our leaders. 'We are grateful for this, and mindful of our role as a corporate citizen. Therefore, as we do with all our projects, we will ensure that Far East Property Services-UAE meets the needs of the UAE market and plays a leading role in providing for the nations residents'.Copyright Emirates News Agency (WAM) 2008.
