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Merger creates UAE's biggest community management firm
Three60 Communities manages over 80 buildings in the UAE, including two master communities and more than 20,000 residential units.
dubai - Eltizam Asset Management subsidiary merges with Novus Community Management
The new company has also acquired the assets of Premium Community Management.
The merger brings the total number of assets Three60 Communities manages in the UAE to over 80 buildings, including two master communities and more than 20,000 residential units.
Three60 Communities is a full service community management company. This expansion falls in line with the company's long-term strategy to grow its operations throughout the UAE and GCC.
Chris Roberts, CEO of Eltizam Asset Management Group, said: "Eltizam has witnessed rapid growth in a short period and expanded its operations from our head office in Abu Dhabi to opening our Business Bay and Al Barsha offices in Dubai. This merger represents another major step in our journey to provide the best community management offering in the market as more UAE residents will be able to benefit from Three60's services and expertise as well as Eltizam's wider family of management and operating companies."
James Gallon, partner at PRD Nationwide Real Estate and shareholder in the new merger, said: "The merger is coming at the right time for the company to consolidate a dominant position in the Dubai market."
Anthony Kidd, CEO of Premium Community Management, said: "The acquisition by Three60 Communities is something we have been working on for some time. We will be absorbed into the Three60 brand, where the combination of our portfolio of clients and industry experience will contribute to forming a larger organisation offering improved products and services for clients."
Imad Namrawi, general manager of Three60 Communities, said: "Three60 Communities' vast experience in managing communities and housing associations in the UAE has culminated in our coming together to create a large and dynamic organisation. This will immediately strengthen our market position and offer improved services to our clients."
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