23 March 2015Bahrain real estate company RightWay and Dubai-based Savana Real Estate invest in franchise of proven Asteco brand
Asteco, the Middle East's largest independent full service real estate company has added its first GCC franchise outside of the Emirates, in the Kingdom of Bahrain, and the third Dubai franchise to its growing portfolio.
Bahrain-based RightWay and Dubai's Savana Real Estate will now operate under the Asteco brand following the signing of a franchise agreement with Asteco's licensing division.
The division has been specifically created to offer franchise opportunities to qualifying real estate companies, independent realtors, regional entrepreneurs looking to diversify their existing businesses, or launch a start-up in the property sector.
Commenting on the announcement, John Stevens, Managing Director, Asteco, said: "We have established relationships with two businesses which share similar ideologies and real estate acumen to that of Asteco. Both businesses are an ideal fit for our franchise model and I look forward to working with them both as we move forward."
Bahrain based RightWay is the first company to be awarded an Asteco franchise outside of Dubai. The newly launched company, led by Angela Marino AlFarooq, is relishing the challenge.
"Operating under the umbrella of the Asteco brand, RightWay will be focusing on sales and leasing as well as property management. To have the backing of a large, long-established real estate firm such as Asteco will undoubtedly play a major role in supporting RightWay throughout our entire launch phase and beyond. More importantly it will support our ambition to become the largest real estate company in Bahrain," said AlFarooq.
AlFarooq not only brings strong reputation and credentials within the real estate market, she also has an insight into the levels of performance and standards expected by Asteco having previously worked with the company as the property manager for Jumeirah Emirates Towers.
The second company to maximise the opportunities afforded by the Asteco franchise model is Dubai-based Savana Real Estate. Established in 2014 by Hashim Ahmed, Savana Real Estate is a real estate brokerage agency specialising in commercial real estate. The company brings a wealth of UAE real estate experience with Managing Director Hashim Ahmed working across a range property related roles in Dubai.
"Recognising the important role Asteco has played in helping to develop the real estate sector in the UAE was an integral part of our decision to join the Asteco brand, which has built an enviable reputation over the past 30 years. Adopting their business model and having access to an experienced team and influential network made the decision an easy one to make," said Ahmed.
Asteco is the only locally established, full service real estate business in the region offering a bespoke franchise opportunity. The firm has already been recognised for its innovative approach to development of the industry, receiving the prestigious Enterprise Agility Awards last year as well as contributing to Asteco's overall Superbrand status.
"The Asteco brand offers a stamp of approval when it comes to credibility, this is something we have built over a period of three decades, and something we want to continue well beyond the next three decades of operation. We therefore carry out the most stringent due diligence to ensure our franchisees are the correct calibre," added Stevens.
Both RightWay and Savana Real Estate will have the opportunity to capitalise on Asteco's tailored set-up support services, bespoke operating areas, regional brand visibility and access to an enviable sales and leasing portfolio. In 2013/14 having been predominantly appointed on sole exclusive mandates, Asteco listed more than AED 2.1 billion' worth of property for sale and offered 1.5 million square feet of leasable space.
Asteco's franchise model also provides partners with a high value referrals service, access to Asteco's market research and quarterly reports, dedicated intranet with a comprehensive range of resources, regular communication and updates, as well as use of the industry-leading real estate software and CRM platform.
For more details, please call +971 600 54 7773 or visit www.asteco.com
Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985. Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.
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© Press Release 2015