Mubadala sells JBI unit to UK's Serco
Dubai, December 29, 2011
Abu Dhabi state investment vehicle Mubadala has sold its JBI Property Services unit to Serco for an undisclosed amount, the British outsourcing firm said on Thursday.
Serco, which runs services from UK immigration centres and prisons to the Dubai metro, said the acquisition would add to its existing operations in the United Arab Emirates.
The company, which now generates 43 percent of group revenue from outside of the UK, said earlier this year that it is targeting international expansion.
Serco has won almost 2 billion pounds of work to date in the second half of the year and said that it expected to meet full-year expectations despite ongoing UK and U.S. austerity measures.
JBI specialises in integrated facilities management services and has over 130 staff members located at various sites in Abu Dhabi. The company, which was a wholly-owned unit of Mubadala, manages several Abu Dhabi properties including Paris Sorbonne University, New York University and Sowwah Square. - Reuters