Regional property services firm Asteco has opened a permanent office in the Kingdom of Saudi Arabia following its first major contract win in the Kingdom.
Asteco will provide development consultancy, leasing and management services for a new five-storey development, Buildex, in the Eastern Province city of Al Khobar. Due for completion by the third quarter of 2006, Buildex will mainly house design, architecture and building trade companies serving the wholesale market.
Andrew Chambers, Managing Director of Asteco, said: “We’re seeing increasing maturity in the regional property market, with considerable inter-regional investment taking place over the last three to four years. That’s why Asteco has brought in market specialists from all over the world to join the team and take advantage of the many growth opportunities the Middle East now offers.”
Chambers added: “From its UAE base, Asteco will further strengthen its credentials as a regional property services company and enter new markets when the business demands. Establishing a greater regional presence will help the company manage risk as the real estate sector develops. Currently, 20 per cent of our consultancy business is from outside the UAE, and we expect that to reach nearer 40 per cent by the end of 2006.”
Asteco’s Saudi venture follows the announcement in September of its involvement in Jordan’s Saraya Aqaba project, an opulent, mixed-use, public and private sector development that will take shape on the Aqaba coast. Underlining its commitment to regional expansion, Asteco has opened an office in the Jordanian capital Amman.
Asteco’s Retail Division Director Tony Abdel Ahad will head the company’s Saudi operations while the local office recruits staff. Abdel Ahad recently joined Asteco from international property consultancy Savills.
Asteco has appointed Jassam Al Khafaji to manage the Al Khobar project and plans to have a team of five on the ground by next year. Office openings in Riyadh and Jeddah are also planned for 2007. Al Khafaji has six years’ experience with Asteco working in local and international property consultancy.
Abdel Ahad said: “We expect demand in Saudi Arabia for Asteco’s full range of services including developer consultancy, feasibility studies, sales and leasing, and property management services for both residential and commercial projects. The retail sector is increasingly important, and the strength of Asteco’s work in retail in regional markets like Kuwait, Qatar, Egypt and India helped win the Buildex project.”
