ArabFinance: Real estate firm Al Ahly Sabbour Developments signed two joint venture (JV) agreements with UAE-based Eltizam Asset Management Group at a total value of $100 million (EGP 1.57 billion), according to a December 13thpress release.

The contracts cover four projects, separately outlined the terms and services provided by Eltizam's subsidiaries, Tafawuq Facilities Management as well as Three60 Communities, to Sabbour's “prime properties,” the statement indicated.

Egyptian Company for Entertainment and Tourist Attractions, a sister firm of Sabbour, will be a part of both agreements, according to the press statement.

The transactions come as part of Eltizam's expansion initiative in Egypt and the rest of the Middle East and North Africa region, the statement added. Under the JVs, Eltizam will provide the Egyptian market with facilities and community management services.

“The capabilities and resources of Eltizam and its subsidiaries are suitable to the market's requirements,” CEO of the real estate developer Ahmed Sabbour commented.

The Egyptian firm recently said it would carry out a 200-300 feddan mixed-use project in the New Administrative Capital.

Last October, Sabbour signed an agreement with the New Giza for School Management.

 

*At press time, the conversion rate is $1 = EGP 15.72

 

 

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