Cairo – Mubasher: Egypt’s real estate developer Al Ahly Sabbour and UAE’s Eltizam Asset Management Group announced the launch of two joint ventures (JVs) Tafawuq Egypt and Three60 Egypt with a total value of EGP 2 billion.
The two JVs will offer integrated facilities management (IFM) and community management (CM) services to the Egyptian market, according to a recent statement.
The CEO of Al Ahly Sabbour, Ahmed Sabbour, said, “There’s a rapid increase of large-scale projects across Egypt that’s been taking place over the past few years as part of the government’s 2030 vision.”
“Implementing IFM services can add tremendous value to labour intensive businesses owing to its profound impact on increasing return on investment and reducing facility operating costs, ultimately driving business and economic growth,” he noted.
The move will enable institutions outsource single-source providers in a bid to secure high-quality facilities at lower operating costs, he pointed out.
