IWG Signs First Cluster Franchise Deal In Egypt
The franchise will open two Regus locations in Cairo's New Administrative Capital over the next three years
ZUG, Switzerland, Aug. 23, 2021 /PRNewswire/ -- IWG, the world's largest operator of flexspace, has announced its first cluster franchise agreement in Egypt, bringing two new flexible workspaces into development in the North African nation's New Administrative Capital (NAC).
The partnership with real estate development company IC Group comes in a year that's seen the rise of hybrid working push the need for flexspace to the top of many businesses' agendas, with the two new centres set to meet this demand.
Opening under the Regus brand, the centres will be positioned in the business district of the NAC, with the first slated to open in January 2023. Both will span more than 4,500sqm and boast 220 offices, a selection of meeting rooms, a coffee bar and a 500sqm lounge.
The new capital city in the desert east of Cairo is still under construction, however it is expected to become the administrative and financial capital. Equipped with state-of-the-art technology, it will feature control centres that monitor infrastructure and security electronically, with cashless payments, roofs covered in solar panels and 15sqm of green space allocated per inhabitant. It is expected to house at least six million residents and will boast universities, leisure facilities and a diplomatic quarter.
Founded in 1995, IC Group is a leading developer of residential, recreational and commercial projects across Egypt.
Ahmed Sherif, Sales and Marketing Manager at IC Group, explains, "The NAC is a prime location and it's going to be one of the biggest business centres in the Middle East. It's 45km from the centre of Cairo, and all the government buildings and departments have been moved there. There'll be residences, too. It's going to be a very booming city.
"It's going to be a new hub for businesses from around the world and will be a tax-free area. It's going to grow very fast. The location is an opportunity for property investors from all over the region."
The IC Group has been a regular client of IWG for many years, with its headquarters based in a Regus centre in Florida. Its familiarity with the brand, twinned with the exciting opportunity presented by the development of the NAC, led the group to explore IWG's franchise proposition.
"IWG is a huge international entity that has achieved much success over the past 30 years, and that's why we chose it," said Sherif. "Moreover, its existing network in Egypt is well-occupied, clearly indicating that the demand is there. Flexspace is a big market, but without a major competitor in Egypt, we see our partnership as a great opportunity to generate an excellent return on investment."
About IWG PLC
IWG is leading the workspace revolution. Our companies help millions of people and their businesses to work more productively. We do so by providing a choice of professional, inspiring and collaborative workspaces, communities and services.
Digitalization and new technologies are transforming the world of work. People want the personal productivity benefits of living and working how and where they want. Businesses want the financial and strategic benefits. Our customers are start-ups, small and medium-sized enterprises, and large multinationals. With unique business goals, people and aspirations. They want workspaces and communities to match their needs. They want choice.
Through our companies we provide that choice, and serve the whole world of work: Regus, Spaces, No18, Basepoint, Open Office and Signature. We create personal, financial, and strategic value for businesses of every size. From some of the most exciting companies and well-known organizations on the planet, to individuals and the next generation of industry leaders. All of them harness the power of flexible working to increase their productivity, efficiency, agility, and market proximity.
Join us at www.iwgplc.com.
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SOURCE IWG Plc