Tatweer Misr Chooses Otis to Bring Smart Vertical Mobility Solutions to Its Urban Communities

Rhea-AI Summary

Otis (NYSE: OTIS), the global leader in elevator manufacturing, has secured a major contract with Egyptian real estate developer Tatweer Misr to supply and install 1,250 elevators across six projects over six years. The collaboration represents one of the largest elevator orders ever received in Otis's regional operations.

The agreement will integrate Otis's Gen2® elevator systems, known for energy efficiency and superior ride quality, into Tatweer Misr's developments including IL Monte Galala, Fouka Bay, D-Bay, Salt, Bloomfields, and Rivers. These projects span across Egypt's strategic locations from the Red Sea to the North Coast and Cairo, focusing on sustainable and smart urban communities.

Positive

• None.

Negative

• Long implementation timeline of six years may expose to execution risks
• Heavy dependence on single customer in Egyptian market

News Market Reaction

-0.10%

1 alert

-0.10% News Effect

On the day this news was published, OTIS declined 0.10%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

CAIRO, July 8, 2025 /PRNewswire/ -- To enhance the quality of life for its residents, Tatweer Misr, one of Egypt's leading real estate developers, has selected Otis (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, to supply and install smart vertical mobility solutions across its urban communities. Tatweer Misr's current engagement with Otis represents six projects and 1,250 elevators over six years.

Since its establishment in 2014, Tatweer Misr has been at the forefront of real estate development in Egypt, continuously setting new benchmarks in urban development. The company is known for developing sustainable and smart urban communities. Through this collaboration, Tatweer Misr will integrate Otis's Gen2^® elevator systems, which offer energy efficiency, superior ride quality, and space-saving design, into Tatweer Misr's portfolio of six iconic projects that have established the company's footprint across Egypt's most strategic locations. These include the award-winning IL Monte Galala on the Red Sea; North Coast landmarks Fouka Bay, D-Bay, and Salt, each redefining coastal living; Bloomfields, a mixed-use, first-home community in Mostakbal City, East Cairo; Rivers, an upscale residential development in West Cairo, each designed to redefine modern, sustainable living.

"At Tatweer Misr, innovation is the driving force behind every decision we make. From master planning and design to construction and community building, we are committed to creating future-proof, smart developments that reshape the real estate landscape in Egypt," said Dr. Ahmed Shalaby, Co-Founder, President & CEO of Tatweer Misr.

He added: "Working with a global leader like Otis reflects this vision, bringing cutting-edge, intelligent mobility solutions that not only enhance operational efficiency but also enrich the everyday lives of our residents. This collaboration aligns seamlessly with our core values of innovation, sustainability, and quality, reinforcing our mission to develop integrated, sustainable and smart urban communities that deliver long-term value to our clients, investors, and stakeholders."

Eng. Baher Ayoub, Senior Vice President, CEO Projects & Board Member at Tatweer Misr, stated: "We are proud to engage with Otis, as their advanced vertical mobility solutions align perfectly with Tatweer Misr's construction philosophy and development standards. From a technical and execution perspective, this collaboration enhances overall project efficiency, streamlines on-site operations, and reinforces our uncompromising commitment to safety; a core pillar embedded in every stage of our construction process."

João Penedo, Otis's Senior Vice President for Iberia, Africa, and the Middle East, said: "Over 170 years ago, Otis transformed the way we move and build cities, and since then, we have played a role in urban progress and development. This is one of the largest elevator orders we have ever received in our region, and we are honored to collaborate with Tatweer Misr on it. We share Tatweer Misr's vision of preparing cities for the future. It is a great opportunity for us to continue contributing to Egypt's growth, as well as to the development of its cities and real estate."

Mr. Gabriele Agostini, Managing Director at Otis Egypt, said: "We bring our expertise and engineering excellence to each project from the very beginning. Working with the Tatweer Misr team from the earliest design phase helps us deliver the best solutions for our customers and passengers. We look forward to achieving the ambitious vision for these projects and working closely with Tatweer Misr to provide safe, innovative, and high-quality vertical mobility solutions as they continue to redefine Egypt's architectural legacy."

This strategic collaboration between Tatweer Misr and Otis not only aims to enhance the quality of urban living in Egypt but also showcases the power of innovation in shaping the future of real estate development. It reflects a shared vision of delivering high-quality, sustainable, and forward-thinking urban solutions that respond to the evolving needs of Egypt's dynamic real estate market.

About Tatweer

Established in 2014, Tatweer Misr is a leading Egyptian shareholding company with a vertically integrated business model spanning multiple development sectors. Driven by a visionary approach, the company is committed to developing sustainable, smart urban communities that set new benchmarks in real estate development. Innovation lies at the heart of Tatweer Misr's DNA, shaping every facet of the business, from master planning and design to construction, smart infrastructure, and community living. This commitment is further strengthened by the company's alignment with global sustainability practices and ESG principles, ensuring responsible, future-focused growth. Tatweer Misr brings this vision to life through a portfolio of six iconic projects that have established its footprint across Egypt's most strategic locations. These include the award-winning IL Monte Galala on the Red Sea; North Coast landmarks Fouka Bay, D-Bay, and Salt, each redefining coastal living; Bloomfields, a mixed-use, first-home community in Mostakbal City, East Cairo; and Rivers, an upscale residential development in West Cairo, each designed to redefine modern, sustainable living. Through its visionary developments, operational excellence, and people-first values, Tatweer Misr continues to shape a smarter, more sustainable future for Egypt's real estate landscape. For more information, please visit: www.tatweermisr.com

About Otis

Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.

Media Contacts:
Otis: Noemi Fernández Castro: noemi.fernandezcastro@otis.com
Tatweer: Nada Hammad: nada.hammad@tatweermisr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/tatweer-misr-chooses-otis-to-bring-smart-vertical-mobility-solutions-to-its-urban-communities-302499220.html

SOURCE Otis Worldwide Corporation

FAQ

What is the size of Otis's (NYSE: OTIS) new contract with Tatweer Misr in Egypt?

The contract includes 1,250 elevators across six projects to be implemented over a six-year period, representing one of the largest elevator orders in the region.

Which Otis elevator technology will be used in Tatweer Misr's developments?

Otis will implement its Gen2® elevator systems, which offer energy efficiency, superior ride quality, and space-saving design.

Where will Otis install the elevators for Tatweer Misr in Egypt?

The elevators will be installed across six iconic projects including IL Monte Galala (Red Sea), Fouka Bay, D-Bay, Salt (North Coast), Bloomfields (East Cairo), and Rivers (West Cairo).

How many people does Otis move daily worldwide?

Otis moves 2.4 billion people daily and maintains approximately 2.4 million customer units worldwide, representing the industry's largest Service portfolio.

What is the strategic significance of this contract for Otis?

This represents one of the largest elevator orders ever received in Otis's regional operations, strengthening their presence in Egypt's growing real estate market and contributing to urban development.