Asteco signs first master franchise in Saudi Arabia

Asteco, a leading independent full-service real estate company in the Middle East, has added its first franchise in Saudi Arabia to its growing integrated network, taking the tally of franchises to 15 in the GCC. Following the signing of the agreement with Asteco’s licensing division, Ma’ather for Real Estate Management, the main real estate division of the Rabiah & Nasser Group (Ranco) - a leader in the Saudi construction, industrial and real estate industry - will now operate under the Asteco brand. The signing ceremony, which took place yesterday at top real estate exhibition Cityscape Abu Dhabi, was attended by Asteco managing director, John Stevens; Asteco director of licensing, Sean McCauley; Raed Al Rabiah, managing director and Ahmed Al Bader, general manager of Ma’ather for Real Estate Management. Stevens said: “Ranco has built a solid reputation over the last 60 years as reliable and trustworthy real estate company, with credentials second-to-none. Their extensive knowledge and business acumen makes them a natural fit for the Asteco franchise model and I look forward to working with the team on the international and domestic real estate Saudi market.” Ranco is recognised as one of the key driving forces behind Saudi Arabia’s positive urban development. Projects developed include residential and compound properties in Riyadh and Al Khobar, as well as commercial office complexes in Riyadh, Al Khobar and Jeddah. Several government initiatives put in place to increase housing supply in Saudi Arabia through partnerships with the private sector in 2016 have resulted in a confident outlook for 2017, offsetting the reduction in both government and consumer spending. The introduction of Real Estate Investments Funds (REITs) is also expected to have a positive impact on the real estate industry in the Kingdom. “This new franchise subsidiary is in line with our group vision in residential development and complements our real estate property management portfolio,” said Al Rabiah. “The backing of a real estate firm of Asteco’s standing and its plus 30 years of experience will undoubtedly play a major role in supporting us during the launch phase and beyond. The gravitas of the Asteco brand combined with our local knowledge and expertise means we can look forward to business growth and success in the future.” Asteco’s franchise model 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. As the only locally established, full service real estate business in the region offering a bespoke franchise opportunity, Asteco provides independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.