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Appointment: 2005 – 2009

Client: ADCB & ADCP

Services: Property Managers and Sole Leasing Agent

Portfolio: 43,000 units, 3,100 buildings and 89 seconded staff

Role:

Whilst originally appointed in 2004 to manage the ADCB’s mortgaged property portfolio of 4,000 units across the UAE in 2005, we jointly bid for the Khalifa committee portfolio culminating in the creation of ADCP.

Services

After successfully transitioning the property management function of ADCB from an in house team to an outsourced model (where the fees earned by Asteco were less than wage bill of ADCP’s team) we jointly (ADCB and Asteco) started pitching for the outsourcing of the Khalifa committee portfolio being the only 2 entities with a proven success in outsourcing of Property Management services in the UAE.

By early 2007 ADCB/Asteco had been identified as the preferred supplier and we embarked on initial data collection and auditing of the current providers processes and procedures in order to create a P.O.C (Proof of Concept) exercise to test the transition and operational procedures on an initial tranche of 4,000 units.

Based on the success of the P.O.C exercise the full outsourcing of the Khalifa committee portfolio was agreed. Within this the following were key deliverables from Asteco.

  • Identification of premises, Abu Dhabi
  • Identification and recruitment of staff in line with handover of portfolio
  • Development of agreed Policies, Processes subsequently adopted by ADCP
  • Identification of client side key appointees including current ADCP current Head of Asset Management
  • Appointment of Asteco staff to GM/Branch Director role within ADCB
  • Review of software requirements.

From a “core team” of 8 Asteco employees we had employed and trained over 100 staff ultimately transferring over 60 staff that were retained by ADCP.

Asteco ceased a direct operational management of the ADCP portfolio in June 2009 with the agreement expiring on the 31st of August that same year.

Muroor Area

Abu Dhabi is dotted with residential communities that offer residents a quiet atmosphere. Muroor, now known as Sultan Bin Zayed The First Street, is one of these locales. A few minutes away from the city center, it is a perfect residential destination for expatriates and local families seeking to live within the city yet want to imbibe a cozy community feel.

The place is an eclectic blend of charming apartments and spacious villas. Its wide range of apartment choices is mostly found along the tree-lined road, while its vast selection of villas is in the inner areas.