Al Ahly Sabbour Developments and UAE-based Eltizam Asset Management Group have agreed on two joint ventures (JVs), with a combined value of USD 100 mn (EGP 1.57 bn), for the provision of integrated facility and community management services to four of the former Egyptian developer’s projects across the country, Invest-Gate reports.
“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 partnership progresses, all parties have agreed to expand the existing terms to cover other high-end real estate developments of Al Ahly Sabbour,” read the official statement on December 13.
Accordingly, Eltizam’s subsidiaries, Tafawuq Facilities Management and Three60 Communities, will provide high-quality property management services to Al Ahly Sabbour’s prime projects. In addition, Al Ahly Sabbour’s sister company, the Egyptian Company for Entertainment and Tourist Attractions (ECETA), will be a part of both agreements.
According to CEO of Al Ahly Sabbour Ahmed Sabbour, “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.”
Sabbour further added, “We see an opportunity in the market for the delivery of high-performing facility and community management 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.”
On his part, Eltizam CEO Chris Roberts stated, “We are confident that our 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.”
“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,” Roberts concluded.