KEZAD Communities and EAJ merge to form new $1.9bn staff accommodation company ...United Arab Emirates

ME CONSTRUCTION NEWS - Local News
KEZAD Communities and EAJ merge to form new $1.9bn staff accommodation company
source : ME CONSTRUCTION NEWS ( United Arab Emirates ) () 21
AD Ports Group has announced a merger of KEZAD Communities with Al Eskan Al Jamae (EAJ) to create what’s billed as Abu Dhabi’s largest integrated staff accommodation company. The firm said that the combined entity will have an equity value of approximately US $1.9bn and noted it will retain a controlling majority stake. According to a statement, for the nine months ended 30 September 2022, revenue was $74.8mn for KEZAD Communities and $56mn for EAJ. For the nine months ended 30 September 2022, EBITDA was $46mn for KEZAD Communities and $32.6mn for EAJ. The transaction will be affected through an equity share swap with no cash exchange, AD Ports Group noted. “KEZAD Group continues to look for

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