Contact Developments acquires 3 companies for complementary real estate services, with a percentage of 51%, and a total financial value of 120 million pounds.

Eng. Khaled Al-Seoufi: We are keen on more investment growth in parallel with the expansion of distinguished projects

Contact Developments announced the acquisition of 3 companies that provide complementary services for real estate development, which are JW Constructions, DFS General Services, and Turnkey Mechanical Solutions, with a value of EGP 120 million. For the company to start applying the strategy of backward integration for real estate integration for the first time in Egypt, to ensure the provision of a distinguished model in work and construction to represent a quantum leap in the concepts of real estate development, to provide our customers with the highest standards of quality and adherence to standard specifications, in order to keep pace with the large real estate boom that Egypt is witnessing, thus contributing In achieving comprehensive development in accordance with the vision and strategy of Egypt 2030.

Eng. Ahmed Fekry, Chairman of the Board of Directors, expressed his great happiness with the acquisition of GW Construction, DFS General Services, and Turnkey Mechanical Solution companies. He said: The general vision of the company includes the need to work on many economic and investment developments in parallel with the expansion of its projects. This prompted us to take many quick and carefully studied steps to increase the company's investment portfolio, and at the same time work to increase the implementation capabilities, in order to ensure the application of the highest quality standards, with full compliance with standard specifications, in all of the company's projects.

He said: “Contact Developments aims to increase the volume of its investments within the new administrative capital market by 400% by 2023, especially since the capital is the largest attraction for regional and global investments currently in Egypt and enjoys all the attention and support of the political leadership, as it is the address of the bright future, to represent a leap Great towards the new republic of the Egyptian state, which represents an incentive for all companies to work to increase the volume of their business, in light of the exceptional organization and methodology in which the Capital Company operates, which guarantees success and development for entities that operate according to the same methodology and system.

Engineer Khaled Al-Seoufi, Managing Director of Contact Developments, expressed his happiness with this big deal, which represents a big step towards achieving more success. He stressed that the deal comes within the framework of the company's vision and strategy for expansion and growth according to a balanced scientific methodology in all its steps and decisions, with the aim of achieving more economic and investment growth with the expansion of projects, which is a distinct image for providing the best integrated services for real estate development.

He pointed out that the stability of the real estate market and the continued high rates of demand is the biggest evidence that real estate is at the top of successful investment opportunities, which contributes to motivating all companies to work together and establish economic alliances and investment blocs to increase their ability to achieve their goals of development and growth. When thinking about growth and expansion, we had to establish specialized companies, but after research and study, we found that the best way to achieve rapid and solid growth is to go towards companies that have long experiences to join them all to Contact, which gives us more competitive and investment capabilities, and with this acquisition we expect to achieve more of success in the near future.

Engineer Talaat Al-Sewedy, Chairman of the Parliament's Energy Committee, expressed his happiness at participating in this important event, which is the announcement of the acquisition of Contact Developments, which is one of the real estate companies that has an honorable history and has distinguished projects. He said: The acquisition means more expertise and specializations, and I expect the company to be one of the major companies in the field in the near future.

It is worth noting that Contact Developments was established in 2010 and succeeded during this short period to become one of the major brands in the Egyptian real estate market, with an investment volume of more than 6 billion pounds.

Source: Al-Watan newspaper

(Contact Developments acquires 3 companies for complementary real estate services, with a percentage of 51%, with a total financial value of 120 million pounds)