Ongoing FM contracts worth $1bn, EFS chief reveals
Contract wins worth $200m secured in 2017 across the UAE, Saudi Arabia, Qatar, and India have spurred the company's backlog to $1bn for the first time in its history
EFS Facilities Services' portfolio of ongoing global contracts is worth $1bn (AED3.67bn), company officials have announced.
Contract wins worth $200m (AED734.6m) secured in 2017 across the UAE, Saudi Arabia, Qatar, and India have raised the company's backlog to $1bn for the first time in its history.
The company's compound annual growth rate (CAGR) in revenues was recorded at 21% over the last five years.
Remarking on the development, Tariq Chauhan, group CEO of EFS, said: "We are extremely delighted to have crossed the psychological and financially significant barrier of $1bn in ongoing contracts backlog.
"This was a major milestone that we’d set for ourselves and we are proud of the sincere efforts, motivation, and innovation that EFS personnel have demonstrated to our clients across the region.
"The satisfaction and trust that we’ve earned from our clients is one of the significant influencers that have helped us expand our global operational footprint to cover more than 20 key markets across the Middle East, Africa, and South Asia (MEASA) region."
EFS currently manages 3,251 ha (350 million sqf) of built-up commercial and residential space across the MEASA region, with its client retention rate recorded at 97%.
Among EFS's contract wins last year is a $4m (AED15m) four-year IFM deal by Dubai Real Estate Corporation for a residential development in Karama.