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UAE-based Eltizam Asset Management Group has signed two joint ventures worth a combined value of $100 million with Egyptian real estate group Al Ahly Sabbour Developments as part of the group's game-changing expansion initiative in Egypt and the rest of Mena region.
These JVs will see Eltizam provide its facilities management (FM) and community management (CM) services in Egypt.
The two contracts encompassing four projects, separately outlined the terms and services provided by the Group's subsidiaries, Tafawuq Facilities Management and Three60 Communities, to Al Ahly Sabbour's prime properties. Al Ahly Sabbour's sister company, Egyptian Company for Entertainment & Tourist Attractions (ECETA), will also be a part of both agreements.
The landmark agreements will open a new chapter of success for Eltizam as it aggressively expands its footprint in one of the region's biggest markets.
Under the terms of the JVs, Eltizam's services will initially deploy to four of Al Ahly Sabbour's portfolio of mega property projects.
As the partnerships progress, all parties will expand the existing terms to cover other high-end real estate developments of Al Ahly Sabbour, said a top official.
"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," remarked its CEO Chris Roberts.
"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," he added.
Commenting on the tieup, Al Ahly Sabbour CEO Ahmed Sabbour, said: "In line with the directives issued by the president and in accordance with the government's planned programme, Egypt is currently seeing key growth across its construction sector, which has reinforced its presence in the global real estate landscape."
"These newly signed joint venture agreements between Eltizam Group and Ahly Sabbour reflect the growing economic collaboration between Egypt and the UAE - highlighting a bilateral alliance that is beneficial to both country's economic sectors," he stated.
"We see an opportunity in the market for the delivery of high-performing FM and CM services focusing on technical quality standards and customer service. The capabilities and resources of Eltizam and its subsidiaries are suitable to the market's requirements," he added.
Tafawuq and Three60 will operate in line with Eltizam's commitment to ensuring customer happiness and achieving growth by following the Group's organizational and business enhancement culture called Get Wonky.
Both subsidiaries will utilize the latest technologies for faster and more streamlined operations and higher customer satisfaction.-TradeArabia News Service
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