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Global flexible office space provider IWG has announced 15 new locations in Egypt as part of its expansion plans in the Arab country.
The Switzerland-headquartered company operates flexible offices under Regus, Spaces and Signature brands in 4,000 locations across 120 countries.
"The new locations in Egypt are key milestones in IWG's global expansion, as 612 new locations were added to the network between January and the end of September 2023," said Marc Descrozaille, IWG's newly appointed Chief Executive Officer for Middle East & Africa (MEA).
"This August, we announced our highest-ever half-year revenue in our 34-year history due to the rapid adoption of the hybrid model by companies of all sizes worldwide," he said.
Descrozaille didn't disclose the investments involved but said demand for hybrid working in the MEA region has continued to grow.
New IWG locations in Egypt
Descrozaille said the company will open four locations in partnership with Arabella next year following the successful launch of Regus Arabella Plaza in March 2023.
The four locations are Regus Enawalks New Cairo, Spaces The Ark New Cairo, Signature Arabella Country New Cairo and Regus Direction White North Coast.
While Regus Direction White North Coast, scheduled to open in May 2024, is the first to provide hybrid working spaces in the North Coast, Signature Arabella Country New Cairo, opening at Arabella Country Club, will mark the debut of IWG's flagship Signature brand in Egypt.
"The Signature brand's luxurious workspaces are found in prestigious locations in top-tier cities, including London, Tokyo, Paris, and New York," said Descrozaille.
Partnership with Premier Group
"Five new IWG locations will open across Cairo in 2024, following a recent partnership with our strategic partner, Premier Group," he said.
He noted that Signature The View, located at an integrated residential complex inside New Cairo, would be the second IWG flagship-brand location in Egypt.
Other locations in partnership with Premier Group include Regus One Kattemeya, Regus Park St. Cairo in Sheikh Zayed City, Regus Maspero Business Tower in Downtown Cairo and Regus Cairo International Airport, slated to be the first-ever flexible workspace available from an airport in the MEA region.
New location with Majid Al Futtaim
Descrozaille said the company is also partnering with Majid Al Futtaim, the UAE-headquartered regional developer and operator of shopping malls, to open workspaces in the Mall of Egypt.
He said: "Spaces Mall of Egypt is IWG's latest location in Egypt with partner Majid Al Futtaim. Scheduled to open in July 2024 and with more than 200,000 daily visitors to the mall, the workspace will transform working life in Cairo."
Other locations
Other notable locations scheduled to open next year include Regus at Pioneer Plaza Mall, the first workspace in New Administrative Capital (NAC); Regus W51 in the banking district of New Cairo; Spaces Paragon 3, the first Spaces-brand location to open in New Cairo; Regus Golf Central Palm Hills in Giza and Regus Kazan October in 6th of October City.
"Spaces Paragon 3 will be a LEED-certified, hybrid workspace, which is a sustainability triumph for the city," he noted.
He added that Regus One Kattemeya is set to open in January 2024 while Regus Direction White North Coast and Regus Park St. Cairo will open in May 2024. Regus Enawalks New Cairo, Spaces Mall of Egypt and Regus Kazan October City will open their doors in July 2024.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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