Mubadala Development Company (Mubadala) has sold 100% of Abu Dhabi based JBI Properties Services Company LLC (JBI) to a subsidiary of Serco Group plc. (Serco) of the United Kingdom. The formal sale process produced a number of expressions of interest, and it was clear to Mubadala that Serco’s commitment and subsequent offer best recognized the inherent value of the business going forward.

Ali Eid AlMheiri, Executive Director of Mubadala Real Estate and Hospitality, said “Following a strategic review and restructuring of JBI’s activities, we established that it was a strong and successful business that had developed to a point where it could continue to prosper under private sector ownership. We are pleased to build on our partnership with Serco, who will provide facilities management for a range of Mubadala assets and other third-party clients.” Zafar Raja, CEO of Serco Middle East said: “We are delighted to strengthen our FM capabilities, extend our local expertise to new markets across the Middle East and deepen our long-standing business relationship with Mubadala Development Company.”