PHOTO
Abu Dhabi developer Aldar Properties has acquired a landscaping company in a transaction worth AED 150 million ($40.84 million).
The company said it now owns a majority 75% stake in Basatin, with the remaining 25% held by an unnamed “strategic partner”.
The Abu Dhabi-based landscaping company, which provides landscape design, installation, paving, gardening and green waste disposal, employs 1,000 people and has had clients including the Department of Municipalities and Transport and Expo 2020.
Aldar said: “The transaction complements the services already provided through the Aldar Estates platform, which is a key operating segment under the Aldar Investment business.
“The platform has been expanding rapidly, supported by solid organic growth and a number of acquisitions over the last year.
“This transaction adds significant weight to the capabilities of Aldar Estates, enabling it to provide a more holistic range of services to Aldar’s growing customer base.”
The landscaping market is experiencing strong growth due to demographic trends and mega project construction, a statement from Aldar added.
“This growth is expected to be sustained going forward with the UAE’s renewed focus on sustainability, urbanisation efforts with a keen focus on green spaces, and strong demand in the real estate sector.”
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
