Dubai – Mubasher: Dubai-based Imdaad Group is currently in talks to acquire three companies specialised in facility management services and systems, Alkhaleej newspaper reported, citing Jamal Abdulla Lootah, Imdaad’s CEO.
Lootah revealed that Imdaad has allocated about AED 60 million to fund the acquisitions during 2017, noting that current negotiations are with technology, recycling, and cleaning firms.
The CEO indicated that Imdaad’s operations exceeded their target growth during the first quarter of 2017, expecting the group’s revenues to increase by around 18% on the back of government contracts.
Imdaad’s contract revenues will exceed AED 600 million on annual basis due to the growth in the group’s projects and operations during 2017.
The Dubai-based group’s profits levelled up 15% year-on-year in Q1-17.
In 2016, Imdaad, a 100%-owned subsidiary of the Investment Corporation of Dubai (ICD), acquired two companies; the first is specialised in firefighting, while the other’s core business is to install and maintain elevators.
