Browse
related articles
Savills has an extensive network of offices and associates throughout the UK, mainland Europe, Asia Pacific and Africa. It employs more than 15,000 staff based across 125 offices in 22 countries. Today's agreement allows Asteco to use Savills branding and its extensive office network to further its business globally.
Addressing a client reception at Dubai World Trade Center, Asteco CEO Elaine Jones, said:
"Entering into an association with one of the world's biggest property companies is a reflection on the standing of Asteco here in the Middle East and on the massive expansion of the regional property industry."
She said: "Increasingly, we are seeing the need to combine our regional expertise with international reach, and our association with Savills will provide greater flexibility, asset choice and a higher level of research and consultancy to our client base."
Jones added: "At the same time, we provide a point of access to the maturing Middle East marketplace with 22 years of experience to help guide investors in all property sectors."
Jeremy Helsby, Chairman and Chief Executive of Savills Commercial, said: "Developments in the Middle East continue to be the talk of global real estate forums, specifically the flagship projects that have raised the international profile of Dubai and the UAE. We see this association as a strategic move for Savills to provide a platform to access and service Asteco's extensive range of clients wishing to invest in property worldwide."
He said: "With circa US$70 billion invested by Middle East investors in global property last year, the opportunities for both Savills and Asteco are very exciting."
According to Savills data, Middle East investors invested £8.4 billion (AED59.6 billion) in UK commercial property from 2004 to 2006. They invested £4.4 billion (AED31.2 billion) in London offices over the same period, accounting for 10 per cent of the total spend in the sector.
Robert McKellar, CEO of Savills Asia Pacific, added: "Savills and Asteco already share an effective working relationship, and this association brings the two companies even closer together. We share the same vision in terms of client service and the same commitment to standards and best practice."
Founded in Dubai in 1985, Asteco has more than 200 employees and is the UAE's largest property services company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property management and marketing; feasibility studies and valuations; and research and investment.
Asteco's regional operations are based in Dubai with offices across the UAE in Abu Dhabi, Sharjah and Al Ain. Asteco also has offices in Saudi Arabia, Bahrain, Qatar and Jordan.
Over the last five years, Savills' annual turnover has increased from £235.4 million (AED1.67 billion) to £517.6 million (AED3.68 billion).
Underlying group profits before tax were up 31 per cent in the past year alone to £75 million (AED532.5 million). The company is listed on the London Stock Exchange on the FTSE 250.
Posted by Anne-Birte Stensgaard, Senior News Editor
