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Savills in deal to set up Egyptian real estate JV

Wednesday 13 March 2019 05:10 PM

Real Estate Development
Real Estate Development

Global real estate advisor Savills has announced the signing of a prominent joint venture with Egyptian company Sphere, to cover the full range of real estate services in Egypt.

The new partnership, which will trade as Savills, will combine local knowledge with international best practice.

As a result of this partnership, Savills has established a new team in Egypt which will grow from three to around 30 people in the next few months, said senior company officials at the signing ceremony held on the sidelines of Mipim 2019, a leading international property event in Cannes, France.

Senior executives including Steve Morgan, CEO of Savills Middle East, Catesby Langer-Paget, Head of Savills Egypt, James Sparrow, CEO of Savills UK & EMEA, Philip Ingleby, COO of Savills UK & EMEA, and Sherine Badreldine, CEO of Sphere took part.

The new joint venture company will take responsibility for the management, agency and marketing of the highly regarded mixed-use development, Arkan which is located in West Cairo by May, stated the officials.

The development opened its doors in 2012 and quickly became the prime location for business, retail and leisure for Sheikh Zayed City and beyond, it added.