Union Properties subsidiary acquires House Keeping for $27.23mn
House Keeping is the UAE's second-largest provider in its segment. It brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialised workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping has consistently delivered strong performance, recording revenues of AED 221.1 million (US$60.2 million) and an EBITDA of AED 21.4 million (US$5.83 million) for the fiscal year 2024.
These financial results align closely with ServeU's priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities.
The acquisition reinforces ServeU's market position as one of the most trusted facilities management providers in the country. With a workforce of more than 8900 employees, it manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities.
Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, commented: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.'
Under the terms of the acquisition, House Keeping and its affiliated entities will retain their brand identities while operating under the full ownership of ServeU.
The acquisition is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23 per cent to revenue and boosting EBITDA by 33 per cent.
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