Over a period of four years, EFS will execute a managed asset replacement (life cycle) plan, combined with maintenance and operations of the common property areas of the development.
The company will also operate a 24×7 helpdesk facility for tenants. 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 presence of other executives from both organization.
The partnership with Dubai Real Estate Corporation comes at a time when the regional FM sector is seeing robust demand for organized facilities management services, EFS said in a statement.
In part, this demand signals an underserved and a fragmented market where only 20% of the facilities management sector is organized in comparison to 80-90% in mature markets.
According to a recent report released by consultancy firm, CREDO, FM contracts across the GCC will hit $66bn by 2020, up from $37bn in 2015.
EFS believes the regional FM sector will grow exponentially in the coming years, as businesses in every sector are adopting integrated FM as a means of protecting their margins and enabling value generation with minimal outlay and risk.