07 Rajab 1444 - 28 January 2023
    
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Eye of Dubai
Business & Money | Monday 21 November, 2022 12:54 pm |
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Provis Further Strengthens its Market Share and Presence with the Acquisition of Saga Owners’ Association

  • The acquisition firmly positions Provis as the largest independent Owners’ Association Management company in the UAE

Leading full-service real estate company Provis has announced the acquisition of ‘SAGA International Owner Association Management Services LLC’ (SAGA), bringing the company’s Owners Association portfolio to nearly 47,000 units. The acquisition is in line with Provis’ long-term growth and expansion strategy as it firmly positions itself as the largest Owners Association (OA) management service provider in the UAE in terms of managing third-party owned units and one of the largest integrated real estate services companies in the Middle East. 

 

SAGA was established in 2008 and has since gained significant market share in Dubai and earned the trust of reputable developers and owners, with thousands of OA units under management at the time of the acquisition. Some of the communities managed by SAGA are located in Business Bay, Palm Jumeriah, Jumeirah Village Triangle, and Jumeriah Lake Towers amongst others. Samer Ganni, founder of SAGA, will continue to lead the company’s national and regional expansion strategy.

 

HP Aengaar, CEO at Provis

 

 

HP Aengaar, CEO at Provis, said, “The acquisition of SAGA is in line with our growth strategy which will enable us to further strengthen our position as the market leader in the UAE. By adding thousands of additional OA units to our portfolio, Provis will be able to build up scale while leveraging its existing service expertise and advanced real estate technological platforms to offer the wider market our high-impact, tailor-made services and a unique Cx proposition.” 

 

Over the last three years, Provis has exponentially grown organically and inorganically to become one of the region's largest real estate services providers, both in terms of its unparalleled fully integrated offering and its UAE-wide geographical footprint. 

 

The acquisition of SAGA is the latest in a series of significant transactions completed by Provis during the last two years. The Company acquired Pacific OA in 2020, Asteco Property Management in 2021, and Mace Macro's OA business in early 2022, bringing the number of units under property management to about 30,000 and nearly 47,000 units under owners' association management in the UAE and wider region. The acquisitions also allowed Provis to benefit from a diversified and steady revenue stream from sales, leasing, valuation advisory and building consultancy, investment advisory, and franchising business segments.  

 

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