29.04.2013, 23:33

Ejadah in Saudi joint venture

Author: News Editor

MoU with Famah Business Holding.

Ejadah Asset Management Group has signed a memorandum of understanding for the creation of a joint venture company with Riyadh-based Famah Business Holding.

Under the agreement, both companies will pool resources to deliver an expanded offering of real estate and community services to landmark projects in the Kingdom.

The signing ceremony was attended by Famah Chairman Prince Fahad Bin Mugrin Bin Abdulaziz Al Saud, his counterpart at Ejadah, Khalid Al Malik, Famah Managing Director Hadi Bin Mohammed Al Faour, Ejadah CEO Billy Daly and other Board-level members from both companies.

Commenting on the partnership, Billy Daly said: "We have been in discussions for the last six months and we believe our partnership will be an important element in driving shareholder value. We look forward to expanding our business to existing communities and new projects in the Kingdom of Saudi Arabia."

Hadi Bin Mohammed Al Faour, Executive President and Managing Director of Famah, added: "The scale and scope of real estate projects in the Kingdom demands world-class services and management. During our discussions with Ejadah, we realized the synergies in the vision and objectives of both companies. We are confident that our joint venture with Ejadah shall bridge the gap by offering world-class real estate and community services."

In the UAE, Ejadah provides services to several landmark projects including Jumeirah Beach Residence, Dubai International Financial Center, TECOM Investments and the RTA.

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