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Egypt-headquartered Al Gaweesh Group, a leading conglomerate with a presence across the UAE, Saudi Arabia, Rwanda, and the UK, intends to further diversify its portfolio and establish new subsidiaries in Egypt's F&B and hospital management sectors, the Group CEO said.
AbdelRahman Gaweesh told Zawya Projects that the Group currently comprises of seven subsidiaries, namely Green Modeling Contracting (GMC), LARZ Developments, ISC (Integrated Solutions Consultancy), Top of Form, HWS Company & Kreemers Factory and POV for Technology and Industries encompassing construction, energy, technology and manufacturing sectors.
“New subsidiaries include Green Modeling Power Solutions (GMPS), which will focus on advanced solutions for clean energy and power and Emirates Marble Factory, which will further expand our construction capabilities by specialising in marble production,” he said.
Outside of its business interests, the Group has also extended its support to Egypt's sports sector. Subsidiary Larz Developments recently signed a cooperation protocol with the Ministry of Youth and Sports which also includes sponsoring various projects like the National Talent and Olympic Sports Champion Project, the Sports Genomics Project, and the Youth Football League and the African Union's Project for university sports.
“We believe that through these initiatives, we not only contribute to the development of sports in Egypt but also play a role in strengthening the country's global presence in the sporting arena,” said Gaweesh.
Excerpts from the interview:
What projects is the company planning to undertake in the coming period?
We are thrilled to soon commence operations of KOV Mall in New Cairo, developed by our construction arm GMC and owned by our real estate wing, Larz Developments. Scheduled to open in the first quarter of 2024, it's going to be a one-of-a-kind commercial and administrative destination with its modern strip mall format. Additionally, we have some promising expansion plans lined up on the residential development side.
What are the Group’s future plans in the construction sector?
GMC, our construction arm, has made great progress in Egypt thanks to strong partnerships with the government on major national projects. Looking ahead, we're excited to expand in new directions.
In the near future, our objective is to leverage our expertise in the private sector and diversify our revenue streams. This entails a deliberate effort to identify and capitalise on new business opportunities, develop new departments and foster the creation of diverse, specialised teams.
Moreover, our vision extends beyond borders as we plan to amplify our presence in the region, with a particular focus on key markets such as Saudi Arabia and Oman. This is a testament to our dedication to leverage opportunities in neighbouring markets where there is a significant demand for our expertise and capabilities.
What is the company's projected investment volume in 2024?
With over 40 years in the construction sector, Al Gaweesh Group boasts an illustrious track record marked by the successful completion of prominent projects. GMC has reached a substantial business volume of an impressive $25 billion and is primed for immense growth ahead.
Looking forward to 2024, our vision is to scale new heights and expand our influence across diverse industries. As part of this forward-looking approach, we are planning to diversify our portfolio by extending our subsidiaries in Egypt. Our expansion will encompass a broad spectrum of sectors, including Food and Beverage (F&B) and hospitals management. Our projected investment volume for 2024 will reflect this optimism and drive for multidimensional impact.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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