Egypt’s leading real estate developer Al-Ahly Sabbour and UAE industry giants, Eltizam Asset Management Group launched Tafawuq Egypt and Three60 Egypt. Through signing two joint ventures, with a combined value of LE2 billion, the two companies will introduce a provide premium-quality integrated facilities management (IFM) and community management (CM) services to the Egyptian market.This comes as part of Eltizam’s game-changing expansion initiative in Egypt and the rest of the MENA region. The two contracts separately outlined the terms and services provided by Eltizam Group’s subsidiaries, Tafawuq Facilities Management and Three60 Communities, to Al-Ahly Sabbour’s prime properties.
“There’s a rapid increase of large-scale projects across Egypt that’s been taking place over the past few years as part of the government’s 2030 vision. At Al-Ahly Sabbour, we believe that implementing IFM services can add tremendous value to labor intensive businesses owing to its profound impact on increasing return on investment and reducing facility operating costs, ultimately driving business & economic growth,” explained Engineer Ahmed Sabbour, CEO of Al-Ahly Sabbour.
He went on to emphasise the significance of bringing a new wave of investments to Egypt during challenging times saying that “signing the two JVs allows institutions to outsource single-source providers with a proven track record, helping them to lower operating costs while securing premium-quality facilities.”
Under the terms of the JVs, Eltizam’s services will deliver initially to four of Al-Ahly Sabbour’s portfolio of mega property projects. As the partnerships progress, all parties have agreed to expand the existing terms to cover other high-end real estate developments of Al-Ahly Sabbour. Chris Roberts, CEO of Eltizam, said: “This development is a historic milestone for us at Eltizam. Expanding to a market as large as Egypt is a testament to our capability to provide value-added services that meet the highest standards in the area of long-term asset protection. It represents one of our major expansion drives in the region, paving the way for us to showcase our competitive edge and unparalleled technological advantages.”
Subsidiary companies of Eltizam, such as Omnius Estate Services, 800TEK, and others, will also be considered to build a robust industry presence and broaden its reach in the country. “Our key long-term objective is to increase our market share the soonest possible time, with our target being to become one of the top five companies with the biggest revenues in the local industry by 2025,” Roberts added.
