EFS Facilities Services, a local leader in delivering integrated facilities management services across the Middle East, Africa, South Asia and Turkey, announced that it was granted an agreement by Dubai Real Estate Corporation. This contract will see the company handle and provide a range of property services to a recently built residential development in Dubai.

The agreement with Dubai Real Estate Corporation, valued at approximately AED15 million, is for the provision of centers management services at Karama Residential Development, which is consisted of 572 apartment or condos, 153 retail outlets and 802 parking spaces, with an overall built-up area of 1.4 million square feet.

The new agreement has actually been signed for a preliminary period of 4 years and will see EFS executing a handled asset replacement (life process) strategy, combined with maintenance and operations of the common property areas of the advancement, in compliance with the UAE's regulatory requirements and framework. The agreement will likewise involve EFS operating a 24x7 help desk facility for renters.

The agreement was signed by HE Hesham Al Qassim, Vice Chairman of Dubai Real Estate Corporation, and Tariq Chauhan, Group CEO of EFS, in the existence of other executives from both companies.

Commenting on the contract win, Tariq Chauhan said: We are pleased to have won a mandate to deliver both hard and soft facility management services, focused on delivering efficiencies and a high-quality customer experience. Underscored by our local expertise and global knowledge, we are confident that we will play a critical role in ensuring that the property is managed efficiently with minimal running costs, whilst maximizing the life of the property. The new contract further strengthens EFS credentials as the preferred integrated FM provider for large scale mixed use developments in prime areas.

The partnership with Dubai Real Estate Corporation comes at a time when the regional FM sector is seeing robust need for arranged facilities management services. In part this demand signals an underserved and a fragmented market where just 20% of the facilities management sector is arranged in comparison to 80-90% in mature markets. According to a recent report released by consultancy firm, CREDO, FM agreements throughout the GCC will hit US$ 66 billion by 2020, up from US$ 37 billion in 2015.

It is EFS' view that the local FM sector will grow significantly in the coming years, as companies in every sector are embracing integrated FM as a means of safeguarding their margins and allowing value generation with minimal expense and danger, whilst enhancing their market share. Anecdotal evidence of this can be seen in EFS' clients, where input and assistance have led to a 10- to 100-fold jump in effectiveness in various functional spheres.