Contact Developments announces acquiring three companies operating in the complementary real estate services in a transaction valued at a total of EGP 120 mn, Invest-Gate reports.

The three companies are namely JW Constructions, DFS General Services, and Turnkey Mechanical Solution.

Upon the acquisition, Contact Developments will start applying the backward integration strategy for the first time in Egypt.

This move will guarantee the highest quality standards to customers in line with the remarkable growth witnessed in the real estate sector, which will contribute to achieving comprehensive development as per Egypt Vision 2031.

The company targets boosting the volume of its investments inside the NAC by 400% by 2030, Chairman of Contact Developments Ahmed Fekry says.

For his part, the company’s managing director Khaled Alseoufy says that the acquisition transaction has been implemented to achieve integration in terms of the Contact Developments’ businesses.