Contact Developments acquires 3 firms in EGP 120m worth transaction

Daily News Egypt
2 Min Read

Contact Developments has acquired three companies operating in the complementary real estate services in a transaction valued at a total of EGP 120m.

The three companies were 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 its investment volume inside the New Administrative Capital (NAC) by 400% by 2030, Chairperson of Contact Developments Ahmed Fekry said.

Fekry added that the stability of Egypt’s real estate market and the continued high demand rates are the biggest evidence of real estate being at the top of successful investment opportunities, which contributes to motivating all companies to teamwork and establish economic alliances and investment blocs to increase their ability to achieve their goals of development and growth.

Contact’s Managing Director Khaled Alseoufy said that the acquisition transaction has been implemented to achieve integration in terms of the Contact Developments’ businesses.

The acquisition of the three companies comes within the framework of the company’s strategic plan for expansion and growth, Alseoufy added.

Established in 2010, Contact Developments is a leading real estate developer in the Egyptian market, with an investment portfolio worth more than EGP 6bn.

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