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Eltizam eyes $27m FM contracts in Saudi Arabia, Egypt, Kuwait

UAE facilities management company says new contracts likely to be confirmed in H2 2019 as part of five-year growth plan

Saudi Arabia is a key growth market for regional firms.
Bloomberg
Saudi Arabia is a key growth market for regional firms.

Facilities management (FM) company Eltizam Asset Management Group plans to secure $27.2m (AED100m) worth of contracts in the UAE, Egypt, Saudi Arabia, and Kuwait in H2 2019 as part of its five-year expansion strategy, which includes the company allocating $54.4m (AED200m) for mergers and acquisitions in 2019-20.

Eltizam chief executive officer, Chris Roberts, said the contracts would cover FM, community and property management, cleaning and hospitality, utility management, and financial and accounting services.

The target follows a 20% hike in year-on-year revenues during H1 2019 at Eltizam, which saw its portfolio of property under management reach 50,000 units during the period. 

Commenting on the targets, Roberts said: “Our client base continues to grow and we see this trend continuing as the group expands both geographically and through a wider portfolio of services in line with its new five-year strategic plan.”

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Construction Week - Issue 749
Sep 15, 2019