By: Amr Adel
Dubai – Mubasher: Dubai-based Imdaad will likely invest between AED 60 million and AED 100 million in 2017 to finance expansions and local acquisitions, stated the company’s CEO Jamal Abdullah Lootah on Tuesday.
Speaking to reporters at a Dubai press conference, the top executive highlighted that the company’s acquisition plans will focus on related activities, while acquisitions will entail other utility and waste management companies in the UAE.
Imdaad, the leading integrated facilities management (FM) company, acquired two
Companies in 2016, the first was specialised in firefighting and the other operated in the elevator maintenance field.
“Imdaad does not currently have any plans to expand beyond the GCC area due to the political and security situation in the region,” Lootah noted, adding that the UAE makes up 75% of the company’s operations, while the rest are divided between Qatar and Oman.
The company was recently awarded an AED 350 million seven-year project in the waste management sector in the Sultanate of Oman, the top official revealed, adding that the contract is set to begin in March 2017.
Imdaad is currently present in the Qatari, but we have plans to expand there through new contracts, particularly ahead of the 2022 World Cup, Lootah stated. Imdaad’s total revenues grew 10% in 2016 to AED 550 million.
“We are currently working on raising revenues to record a 15% increase,” the CEO stated.
He added that Imdaad’s contracts totalled AED 1.2 billion in 2016 and are likely to rise by 10-15% by the end of 2017.
Translated by: Nada Adel Sobhi
