Deyaar, a leading property developer in the UAE, has announced that it has acquired Omega Engineering, a company specializing in the fields of air-conditioning, plumbing, electrical contracting and maintenance. The acquisition is designed to bolster the presence of Deyaar, which has a facilities management division, in the fast-growing electro-mechanical services market in the UAE and Qatar.
The acquisition of 55 per cent stake in Omega gives Deyaar full operational and managerial control of the engineering company. The move is expected to bring significant mutual advantages, with Deyaar benefiting from Omega’s considerable expertise in the provisioning of electro-mechanical services while Omega stands to gain from Deyaar’s sound financial background.
Omega has, in its year-and-half existence, handled mechanical, electrical and plumbing (MEP) projects worth more than 70 million Dirhams, among them several prestigious construction projects in Dubai. Following the takeover of the company by Deyaar, Omega is expecting to achieve a turnover of 150 million Dirhams in 2006.
Zack Shahin, CEO of Deyaar, said, “The electro-mechanical services market in the UAE and the region is passing through a period of unprecedented growth, driven mainly by the massive construction boom the country is experiencing. Omega has emerged as a key player in this segment, as proved by their impressive project portfolio. The acquisition of Omega will significantly contribute to our standing as a leading property developer, and will make us uniquely positioned to exploit the opportunities in the electromechanical services market in the UAE and the Middle East.”
“Omega’s steadfast commitment to provide clients with the highest standards of design execution and workmanship has already made it a top player in the electro-mechanical services sector in the UAE,” said Rafe Abul Husn, Managing Director, Omega Engineering. “The acquisition will allow Omega to benefit from the solid financial backing Deyaar brings with it, and thus further consolidate its market presence.”
Deyaar, launched in 2002 as a 100 per cent subsidiary of Dubai Islamic Bank with a capital base of 500 million Dirhams, is one of the most successful property development companies in the UAE. In addition to that, the company manages over 16,000 residential and commercial units across 700 buildings across the country.
