Department of Finance- Abu Dhabi (DoF) announced today the renewal of the management agreement signed with Abu Dhabi Commercial Properties (ADCP),a subsidiary of Abu Dhabi Commercial Bank,considering the successful partnership achieved during the past five years. The announcement was made during a visit by HE Hamad Al Hurr Al Suwaidi, Chairman of the Department of Finance to the Abu Dhabi Commercial Properties’ Headquarters; in the presence of HE Eissa Mohamed Al Suwaidi, Chairman of Abu Dhabi Commercial Bank, HE Mohamed Sultan Al Hameli, Director General of the Department of Finance, Ahmed Bader Al Qubaisi, Director of Commercial and Residential Buildings Loans at DoF, and Ala’aEraiqat, CEO of Abu Dhabi Commercial Bank and Chairman of the Board of Directors of ADCP.The visit began with an informative tour of the Abu Dhabi Commercial Properties’ different departments, during which Hamad Al Hurr Al Suwaidi was introduced to the work processes of the company, and had a chance to meet its employees and to be informed about the different services that are being provided to customers.

The renewal of this contract falls within the continuous endeavors of the Department to enhance strategic partnerships with the private sector.It also aims to promote further stability across the Abu Dhabi property market, and overall economy,by ensuringfirst-class services for both commercial and residential buildings and theirvarious stakeholders.

Under an agreement signed with the Department of Finance - Abu Dhabi in April 2007, the bank was entrusted with responsibility over the Commercial Buildings Management, formally known as the Department of Social Services and Commercial Buildings “Khalifa Committee”.The management of such buildings wasin-turn assigned to the bank’s specialized subsidiary Abu Dhabi Commercial Properties (ADCP).

The commercial buildings managed by the two companies are located in the capital Abu Dhabi, Al Ain City, Western Region, Sila and Delma Island. This geographical spread of the properties has prompted ADCP to create an electronic system to track the rental operations and services of the buildings at their locations,via adevoted team of experts from the construction and propertysectors.

Commenting on the renewal of this agreement H.E. Hamad Al Hurr Al Suwaidi, Chairman of Department of Finance - Abu Dhabisaid: “The renewal of this agreement with Abu Dhabi Commercial Bank underlines our continuous commitment towards the support of the local community,by ensuring best practices are consistently adopted for commercial buildings, the tenants, contracting and property companies as well as other stakeholders. This agreement will alsocontribute to the stabilization of the Real Estate Market through the development of its performance,in accordance with Emirate’s regulations and legal procedures.

On his part Essa Al Suwaidi, Chairman of Abu Dhabi Commercial Bank stated that: “We are proud of the trust conferred upon us by the Department of Finance, and pledge to always be at the fore-front of serving the community with utmost transparency. This only serves to enhance our contribution to the development and growth of the property sector, in line with the strategy of the Emirate of Abu Dhabi and based on the economic vision of 2030.”
 

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