Eltizam signs $100 million agreement with Egypt-based real estate developer
Group aims to become one of top five businesses with the biggest revenues in country by 2025, it stated
Eltizam Asset Management Group (Eltizam) has announced its partnership with Egypt-based real estate developer Al Ahly Sabbour Developments, by signing two joint agreements with a combined value of $100 million.
The agreement is part of the asset management company’s expansion initiative in Egypt and the rest of the MENA region. According to a statement from the company, the JVs will focus on Eltizam providing the Egyptian market with integrated facilities management (FM) and community management (CM) services.
Eltizam stated that the two contracts encompassing four projects, have 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, will also be a part of both agreements, it noted.
Under the terms of the JVs, Eltizam’s services will initially be deployed to four of Al Ahly Sabbour’s portfolio of property projects. As the partnerships progresses, 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.”
He added that they are confident that their collaboration with Al Ahly Sabbour will help reshape the landscape and the future of the market in the country as the community explores, taps, and seeks new growth opportunities during and after the pandemic.
Commenting on the partnership, Engineer Ahmed Sabbour, CEO of Al Ahly Sabbour, noted: “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.”
“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,” Sabbour stated.
The statement added that Tafawuq and Three60 will operate in line with Eltizam’s ethos and will utilise the latest technologies for faster and more streamlined operations and higher customer satisfaction. The UAE-based company also expressed confidence in the new partnership and has identified the collaboration as a crucial step in the group’s continuing efforts to consolidate its expansion in Egypt.
