ArabFinance: Real estate firm Al Ahly Sabbour Developments and UAE-based Eltizam Asset Management Group signed two joint venture (JV) agreements worth $100 million (EGP 1.57 billion) for management services, according to a December 13th press release.

Eltizam's subsidiaries, Tafawuq Facilities Management as well as Three60 Communities, will provide facilities and community management services to Sabbour's properties, the statement indicated.

The deals will initially cover four of Al Ahly Sabbour’s property projects, and then other high-end real estate developments.

Egyptian Company for Entertainment and Tourist Attractions, a sister firm of Sabbour, will be a part of both agreements, according to the press statement.

The transactions come as part of Eltizam's expansion initiative in Egypt and the rest of the Middle East and North Africa region, the statement added.

“The capabilities and resources of Eltizam and its subsidiaries are suitable to the market's requirements,” CEO of the real estate developer Ahmed Sabbour commented.

The Egyptian firm recently said it would carry out 200-300 feddan mixed-use project in the New Administrative Capital.

Last October, Sabbour signed an agreement with the New Giza for School Management.

arabfinance