AD Ports completes merger of Kezad Communities + EAJ

AD Ports’Kezad Communities + EAJ are now a single entity:AD PortsGroup has completed its merger of staff accommodation providers Kezad Communities with Al Eskan Al Jamae (EAJ), creating an entity with equity value of USD 1.9 bn (AED 7 bn), according to a filing (pdf) to the ADX on Sunday. The all-shares transaction leaves AD Ports with a 52% controlling majority stake. The merger will be reflected in AD Ports’ financials for the full quarter in 1Q 2023.

The merged entity is the largest staff accommodation firm in Mussafah, Abu Dhabi, and “one of the largest businesses in the UAE,” the filing says. The merger expanded Kezad Communities’ capacity to 135k beds for staff by adding 58k beds from EAJ. Amenities and facilities that will be on offer through the incorporated firm include medical centers, sports areas, dining halls, mosques, catering, supermarkets, and laundry services, with EAJ providing several of these amenities.

About the companies: Kezad Communities is part of the Khalifa Economic Zones Abu Dhabi (Kezad Group), under AD Ports’ Economic Cities and Freezones. The company helps provide staff accommodation to companies from different sectors in the UAE and GCC. EAJ is a real estate development and management company that owns and operates ICAD Residential City in Mussafah, Abu Dhabi. EAJ also operates several fully owned subsidiaries offering support services.