- IWG has signed its first cluster franchise agreement in Egypt in partnership with IC Group.
- The deal will allow the flexible workspace operator to open two new locations under the Regius brand in Egypt.
- The first of the two locations is slated to open in January of 2023.
IWG has signed its first cluster franchise agreement in Egypt.
This new deal, in partnership with real estate development firm IC Group, will allow the flexible office operator to open two new locations under the Regus brand in Egypt’s New Administrative Capital (NAC).
The first location is slated to open in January of 2023. Both facilities will span over 48,000 square feet of space, 220 offices, a variety of meeting rooms, lounge areas over 5,000 square feet, a coffee bar, and more.
The NAC is an ongoing development for a new capital in Egypt that began construction back in 2015 and is expected to be the financial and administrative hub for the whole country.
It will open east of Cairo, offering the congestion of the current capital some relief. The new capital will have the ability to house at least six million residents and feature modern technology that helps operate the area’s infrastructure
“The NAC is a prime location and it’s going to be one of the biggest business centres in the Middle East…It’s going to be a very booming city,” said Ahmed Sherif, Sales and Marketing Manager at IC Group. “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.”
IWG has inked several franchise deals over the past 18 months. The flexible workspace conglomerate recently announced that it has found a 350% increase in the number of flexible offices signed up by franchise partners in 2020 compared to the same time last year.
IWG has signed franchise deals in Australia, Thailand, Detroit, India, Malaysia, among others.