UEM Edgenta forms JV to expand presence in Dubai's property management sector

• UEM Edgenta's entry into the Middle East's premium property management sector began with its acquisition of Kaizen from NW Kaizen Holdings Ltd for about RM55 million in February last year.
• Its new JV further solidifies UEM Edgenta's footprint in the UAE, by providing an integrated real estate services platform specifically designed for the UAE and potentially other regional markets, the company said.

KUALA LUMPUR (June 12): UEM Edgenta Bhd (KL:EDGENTA) has formed a joint venture (JV) company in Dubai, United Arab Emirates, to manage large-scale real estate projects there, marking a strategic expansion into the region.

The company said in a statement Thursday (June 12) that its 60%-owned subsidiary Kaizen Owner Association Management Services LLC (Kaizen) has signed an agreement with 21 Estates Group FZCO—an indirect wholly-owned subsidiary of Expo City Dubai FZCO—to establish a 40:60 JV named DuaSatu.

It said DuaSatu will offer a range of services, including owners’ association and property management, property management consultancy and advisory, leasing services, and other real estate advisory offerings. These services will cater to master development projects in Dubai, properties within or owned by Expo City Dubai (ECD), and potentially selected sites globally.

UEM Edgenta's entry into the Middle East's premium property management sector began with its acquisition of Kaizen from NW Kaizen Holdings Ltd for about RM55 million in February last year.

Its new JV further solidifies UEM Edgenta's footprint in the UAE, by providing an integrated real estate services platform specifically designed for the UAE and potentially other regional markets, the company said.

"Dubai’s real estate sector continues to offer tremendous opportunities, and this collaboration with 21 Estates will position us to deliver world-class, technology-driven property management solutions to serve some of the region’s most iconic developments,” said Syahrunizam Samsudin, UEM Edgenta's managing director and chief executive officer.

“It also reflects our commitment to building long-term value for our stakeholders while strengthening UEM Edgenta’s brand and leadership in the Middle East,” he added.

The JV is expected to be completed by the third quarter of this year and is anticipated to positively contribute to UEM Edgenta’s future financial performance.

UEM Edgenta’s share price closed half a sen or 0.68% higher at 74 sen on Thursday, giving the company a market capitalisation of RM611.2 million.

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