Department of Finance – Abu Dhabi renews management contract of its commercial buildings with Abu Dhabi Commercial Bank
Department of Finance – Abu Dhabi (DoF) announced 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’a Eraiqat, 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 ensuring first-class services for both commercial and residential buildings and their various 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 was in-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 a devoted team of experts from the construction and property sectors.
Commenting on the renewal of this agreement H.E. Hamad Al Hurr Al Suwaidi, Chairman of Department of Finance – Abu Dhabi, said: “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 aslo contribute 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: “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.”
Ala’a Eraiqat, CEO of Abu Dhabi Commercial Bank and Chairman of the Board of Directors of Abu Dhabi Commercial Properties commented on the agreement renewal saying: “ADCP adopts a long-term vision based on the active engagement of numerous and diversified real estate development projects throughout the UAE. Our strict code of conduct and solid corporate governance structure, blended with the unrivalled expertise of our employees, ensure we provide the best in-class services required to manage a significant property portfolio like this with care and precision.”
Eraiqat added: Abu Dhabi Commercial Properties (ADCP) and Abu Dhabi Commercial Engineering Services (ADCE) maintain a solid track record when it comes to meeting clients’ needs. From facilities management and tenant relationship management and provisioning of diversified services, to liaisons with the specialized official authorities for water and electricity and telecommunication services, contracts documentation “Tawtheeq” and permissions to the vehicles “Mawaqif”, our seamless one-stop shop approach puts us in pole-position.”
At present, Abu Dhabi Commercial Properties manages more than 61,000 residential and commercial units throughout the Emirate of Abu Dhabi, including residential villas and apartments, business outlets, office spaces and industrial facilities. ADCP has exerted extensive efforts to ensure the occupancy of most of the properties under its management and within its portfolio, thus accounting for around 97.5% of units. Furthermore, ADCP manages building construction through Abu Dhabi Commercial Engineering Services.
Abu Dhabi Commercial Engineering Services (ADCE) is a subsidiary of Abu Dhabi Commercial Bank and complements the business of the Abu Dhabi Commercial Properties (ADCP). The engineering arm of the bank provides support to the locals who obtain government approval for residential loans. The engineers at ADCE cooperate with the consultancy offices appointed by clients in property design selection, and follow ups on the construction and development operations until the final handover of the property.
ADCP and ADCE always endeavor to play a role in the development of the national human resources based on the instructions of the prudent leadership of the UAE and out of their belief in the importance of the enhancement of national identity. This is reflected in the implementation of the Emiratization policy by employing qualified UAE human resources and developing training programs to engage, train, encourage and maintain the UAE nationals and provide them with the opportunity to move forward in achieving a successful career in all fields where the Emiratization in the company reached 54%.
Due to the trust that the company enjoys by its strategic partners, such as the government authorities and non-government establishments, ADCP managed to expand its scope of business to include a number of modern projects such as Al Raha Beach, Al Bateen Gardens, Al Hili residential complex at Al Hili area in Al Ain City. ADCP provides its services to the public through 8 branches and service offices throughout the UAE, which supports the service quality of buildings and properties management. Since its inception, ADCP has been managing more than 6,200 properties from which more than 8,000 owners have benefited during the past five years.
The call centers and support offices of ADCP work round the clock to serve the clients, both tenants and owners. The call centers communicate with the public, respond to their comments and listen to their proposals. They receive more than 1000 incoming calls per day and respond to them through qualified staff who fluently speak Arabic and English languages in a period of time ranging between 24 to 72 hours. The calls are classified by their importance especially those related to maintenance and security services. The customer satisfaction with the provided services is closely considered and monitored where the customer satisfaction reported an improvement at 84% according to the latest statistical studies. Moreover, ADCP provides the SMS service to both the clients searching for residential units and current tenants. The company has also introduced an advanced and specialized electronic system for the management of property portfolio and follow up of the operations and rental services to the buildings, in addition to an electronic search engine for the properties which includes the features and locations of the units, their fixed prices, thus provided a search opportunity for the required property in an easy and convenient manner for clients. This is accompanied by the development of the service quality provided at ADCP offices. Now, the client can process the renewal of the lease contract within 30 minutes.
As a testament to the company’s continuous excellence in the field of property development and its leading role in property management, ADCP attained, for the second time, the ISO 9001:2008 Accreditation by the International Lloyds Quality Control Company for another three years. This prestigious certificate represents a clear evidence for the efforts exerted and the commitment to highest standards of quality and excellence by ADCP.
ADCP has launched a number of initiatives enhancing the measures of public security and safety and control of fire accidents to support the efforts of Abu Dhabi Civil Defense General Directorate in this field. Accordingly, the company at present implements the health and safety protocols and applies a comprehensive fire prevention strategy. The company is now launching an initiative to fix new locks for the windows and doors at balconies for the protection of children living in high rise buildings as directed by the Department of Municipal Affairs in Abu Dhabi. ADCP efforts have also helped in reducing the insurance premiums on properties by more than 50% during the past three years with the expansion of the insurance coverage to include additional aspects and facilities to the property portfolio which led to a remarkable saving in the costs in favour of the property owners.
In line with the strategy of Abu Dhabi Government, ADCP and the Municipality of Abu Dhabi City signed a memorandum of cooperation to implement a special documentation system (Tawtheeq) for the registration of the data of the leasable property and lease contracts, launched by the municipality in 2011 under the Executive Council Resolution No. 4 of 2011 concerning the rules and procedures of lease contracts registration in the Emirate of Abu Dhabi under Tawtheeq system. This system stipulates the coordination with all competent authorities in the implementation of its regulations and for the arrangement of electronic interface with them for registering the lease contracts. ADCP is the first property company that issues Tawtheeq contracts to the tenants.
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