ASTECO forms association with
global property services leader
The UAE’s leading property services company has joined forces with
one of the world’s biggest, it was announced today.
Dubai-based Asteco has entered into an association with
international property advisor Savills, to explore cross border
investment opportunities and harness its global network on behalf of
Asteco clients. Asteco’s strong regional network will service
Savills clients seeking to invest in both commercial and residential
markets in the Middle East.
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
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
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.
Asteco is the UAE’s leading property services consultancy, and its
reach is expanding regionally and internationally. Established in
1985 by Elaine Jones, now CEO, Asteco has its regional operations
based in Dubai and offices in Abu Dhabi, Sharjah and Al Ain. Asteco
also has offices in Saudi Arabia, Bahrain, Qatar and Jordan.
Its business encompasses all the main disciplines of mature property
services: research, consultancy, valuations, investment sales,
sales, leasing, retail services, property management.
Savills plc is a leading international property services company
with a full listing on the London Stock Exchange. The company has
undergone dynamic growth in recent years, establishing itself as a
powerful player on the international stage with offices and
associates throughout the UK, Europe, Asia Pacific and Africa.
Savills is the trading name for the property service subsidiaries of
Savills plc which advise on commercial, rural, residential and
leisure properties. Services include transactional advice,
consultancy, property management, facilities management, fund
management and financial services.
About Jeremy Helsby – Chairman and Chief Executive Savills
Jeremy joined Savills in 1980 and was appointed to the Board in
1999. He became Chairman of Savills Commercial Limited on 1 January
2001, is Chairman of Savills Europe and a Director of Savills Asia
Rob McKellar – CEO Savills Asia
Robert was appointed to the Board on 1 June 2000 having served as
Finance Director of Savills Commercial Limited since December 1994.
He was appointed Chief Executive-Asia Pacific on 31 March 2005.