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Property business
Elaine Jones, CEO of property management company Asteco, talks to Stuart Matthews about being in a Gulf-wide business, demand in Qatar and transparency.
How would you describe your company's role in the property development market and its relationship with developers?
Asteco has been in the property business in the Gulf since early 1985. While our main office is in Dubai we have had a presence in Abu Dhabi and the Northern Emirates for nearly 15 years. In a very modest way we have been involved in property development throughout the time that we have been in business.
Clients have asked us what to build on parcels of land that they own, or wish to acquire and we have, although perhaps more casually in the early days and more scientifically - backed by research and data - these days, been able to advise. We worked on the Palm concept in the mid 1990s and prior to that had worked on the Emaar Lakes Development and the Gardens.
When property development by master developers started, we were asked to participate in the planning and configuration of many of the developments. We interact with most of the master developers and have an ever-increasing amount of work from the sub developers.
Our business grew with the sub developers who bought the plots from the master developers and who needed help and guidance. Though we have worked with many, many of the master developers in their embryonic stages. As they grew they built their own teams of people. Strangely we're now finding most developers are starting to come back to us, because those who work in house don't have the same exposure to the market as a company like ours, because we're out in the market all the time.
What do you look for in a developer and what do they look for in you?
Credibility, integrity, stability, longevity, good references and personal rapport. Our clients and Asteco have the same criteria to select one another.
What's the biggest challenge facing your company in the Gulf development market and how is it dealing with it?
The biggest challenge is finding the additional staff that we need. As with any organisation we need people who fit our profile and understand our work ethic: hard work, honesty and commitment. Although we have many applicants, increasingly so now due to international events, finding the right people is a challenge. We are fortunate that we are Associates of Savills and are able to offer their employees an opportunity to work with us.
How do you think the growing drive for ‘sustainability' will influence the work that you do?
An increase in quality and an understanding of sustainability can only be positive. We encourage our client's to be cognisant of the economic lifecycle of their project so as to establish the true rate of return.
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