Our Property Management business provides vital services to the real estate sector of the UAE through our wholly owned subsidiaries, Abu Dhabi Commercial Properties (ADCP) and Abu Dhabi Commercial Engineering Services (ADCE). In addition, Property Management oversees the investment properties and rental income of the Bank.
ADCE provides a full range of building design and construction property development services, with a focus on high-efficiency and exceeding customer requirements for both the Bank's borrowing clients and external parties. This approach has helped make ADCE the partner of choice for complex medium- and large-size regional development projects.
ADCP manages more than 2,100 buildings, comprising more than 51,000 residential and commercial units throughout the UAE on behalf of the Department of Finance of the Government of Abu Dhabi, and others. In addition, ADCP manages a rapidly growing private portfolio. The units managed on behalf of the Department of Finance are part of a Government initiative whereby Abu Dhabi nationals are granted plots of land for the development of commercial or residential buildings. ADCE oversees the construction of those buildings, and upon their completion, ongoing facilities-management services are provided by ADCP.
In 2016, our Property Management business had an operating income of AED 363 million and collected more than AED 3 billion in rent for its clients. It also addressed more than 160,000 service requests and resolved over 20,000 landlord-tenant queries.