Department of Finance – Abu Dhabi (DoF) announced the renewal of the management agreement signed with Abu Dhabi Commercial Properties (ADCP), a subsidiary of Abu Dhabi Commercial Bank, considering the successful partnership achieved during the past five years.
The announcement was made during a visit by HE Hamad Al Hurr Al Suwaidi, Chairman of the Department of Finance to the Abu Dhabi Commercial Properties’ Headquarters; in the presence of HE Eissa Mohamed Al Suwaidi, Chairman of Abu Dhabi Commercial Bank, HE Mohamed Sultan Al Hameli, Director General of the Department of Finance, Ahmed Bader Al Qubaisi, Director of Commercial and Residential Buildings Loans at DoF, and Ala’a Eraiqat, CEO of Abu Dhabi Commercial Bank and Chairman of the Board of Directors of ADCP.
The visit began with an informative tour of the Abu Dhabi Commercial Properties’ different departments, during which Hamad Al Hurr Al Suwaidi was introduced to the work processes of the company, and had a chance to meet its employees and to be informed about the different services that are being provided to customers.
The renewal of this contract falls within the continuous endeavors of the Department to enhance strategic partnerships with the private sector. It also aims to promote further stability across the Abu Dhabi property market, and overall economy, by ensuring first-class services for both commercial and residential buildings and their various stakeholders.
Under an agreement signed with the Department of Finance – Abu Dhabi in April 2007, the bank was entrusted with responsibility over the Commercial Buildings Management, formally known as the Department of Social Services and Commercial Buildings “Khalifa Committee”. The management of such buildings was in-turn assigned to the bank’s specialized subsidiary Abu Dhabi Commercial Properties (ADCP).
The commercial buildings managed by the two companies are located in the capital Abu Dhabi, Al Ain City, Western Region, Sila and Delma Island. This geographical spread of the properties has prompted ADCP to create an electronic system to track the rental operations and services of the buildings at their locations, via a devoted team of experts from the construction and property sectors.
Commenting on the renewal of this agreement H.E. Hamad Al Hurr Al Suwaidi, Chairman of Department of Finance – Abu Dhabi, said: “The renewal of this agreement with Abu Dhabi Commercial Bank underlines our continuous commitment towards the support of the local community, by ensuring best practices are consistently adopted for commercial buildings, the tenants, contracting and property companies as well as other stakeholders. This agreement will aslo contribute to the stabilization of the Real Estate Market through the development of its performance, in accordance with Emirate’s regulations and legal procedures.”
On his part, Essa Al Suwaidi, Chairman of Abu Dhabi Commercial Bank, stated: “We are proud of the trust conferred upon us by the Department of Finance, and pledge to always be at the fore-front of serving the community with utmost transparency. This only serves to enhance our contribution to the development and growth of the property sector, in line with the strategy of the Emirate of Abu Dhabi and based on the economic vision of 2030.”
Ala’a Eraiqat, CEO of Abu Dhabi Commercial Bank and Chairman of the Board of Directors of Abu Dhabi Commercial Properties commented on the agreement renewal saying: “ADCP adopts a long-term vision based on the active engagement of numerous and diversified real estate development projects throughout the UAE. Our strict code of conduct and solid corporate governance structure, blended with the unrivalled expertise of our employees, ensure we provide the best in-class services required to manage a significant property portfolio like this with care and precision.”
Eraiqat added: Abu Dhabi Commercial Properties (ADCP) and Abu Dhabi Commercial Engineering Services (ADCE) maintain a solid track record when it comes to meeting clients’ needs. From facilities management and tenant relationship management and provisioning of diversified services, to liaisons with the specialized official authorities for water and electricity and telecommunication services, contracts documentation “Tawtheeq” and permissions to the vehicles “Mawaqif”, our seamless one-stop shop approach puts us in pole-position.”
At present, Abu Dhabi Commercial Properties manages more than 61,000 residential and commercial units throughout the Emirate of Abu Dhabi, including residential villas and apartments, business outlets, office spaces and industrial facilities. ADCP has exerted extensive efforts to ensure the occupancy of most of the properties under its management and within its portfolio, thus accounting for around 97.5% of units. Furthermore, ADCP manages building construction through Abu Dhabi Commercial Engineering Services.
Abu Dhabi Commercial Engineering Services (ADCE) is a subsidiary of Abu Dhabi Commercial Bank and complements the business of the Abu Dhabi Commercial Properties (ADCP). The engineering arm of the bank provides support to the locals who obtain government approval for residential loans. The engineers at ADCE cooperate with the consultancy offices appointed by clients in property design selection, and follow ups on the construction and development operations until the final handover of the property.
ADCP and ADCE always endeavor to play a role in the development of the national human resources based on the instructions of the prudent leadership of the UAE and out of their belief in the importance of the enhancement of national identity. This is reflected in the implementation of the Emiratization policy by employing qualified UAE human resources and developing training programs to engage, train, encourage and maintain the UAE nationals and provide them with the opportunity to move forward in achieving a successful career in all fields where the Emiratization in the company reached 54%.
Due to the trust that the company enjoys by its strategic partners, such as the government authorities and non-government establishments, ADCP managed to expand its scope of business to include a number of modern projects such as Al Raha Beach, Al Bateen Gardens, Al Hili residential complex at Al Hili area in Al Ain City. ADCP provides its services to the public through 8 branches and service offices throughout the UAE, which supports the service quality of buildings and properties management. Since its inception, ADCP has been managing more than 6,200 properties from …
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