A leading international property consultancy and chartered surveyors, Cluttons, has today signed a memorandum of understanding (MOU) with Saudi International Development Company (SIDC), a subsidiary of Al Bundakji Holdings, to jointly undertake commercial property consultancy operations in the growing real estate market in the Kingdom of Saudi Arabia. The joint venture will operate under the brand name of Cluttons and will offer a wide range of real estate services including research, financial appraisals, best-use studies, design reviews and valuations.
Cluttons, which has an established UK business, has been operating in the Gulf since 1976. Bill Siegle, Cluttons' Senior Partner, comments "The KSA venture marks another milestone in a period of strategic growth for us and builds on our extensive presence in the MENA region, which includes offices in Abu Dhabi, Bahrain, Dubai, Oman and Sharjah. Commercial property lies at the core of Cluttons' business and we believe that our specialist sector knowledge and experience will give the joint venture a competitive edge in the market."
Tim Glover, CEO of Cluttons in Bahrain, who will oversee operations of the joint venture said: "Saudi Arabia is a very important market and one that we know well, having worked here for the best part of 20 years. There is an excellent synergy between Al Bundakji Holdings, their various companies and the work that Cluttons undertakes. We are confident that together we will represent a strong force in the Saudi real estate market."
Al Bundakji Holdings' extensive operations in the region include SIDC and the INITIAL Saudi Group, an ISO & BSCAI certified company, which was established 27 year ago as a Saudi-British joint venture and employs a multinational work force. Al Bundakji Holdings already has a successful joint venture between INITIAL Saudi Group and Macro, the award winning facilities management firm that is part of the UK based MACE Group.
In endorsing Cluttons' joint venture with SDIC Mohammed Bundakji, Director of Business Development of Al Bundakji Holdings, points to the success of similar joint ventures already in place such as INITIAL Saudi Group and Macro. Both of these partnerships were initiated by Saudi Gulf Intertrade, a Dubai based company whose primary objective is to assist international companies expand their businesses into Saudi Arabia.