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Sat 28 Mar 2015 10:04 AM

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Bahrain, Dubai firms invest in Asteco franchise deals

Real estate company says it has added its first GCC franchise outside of the UAE and its third in Dubai

Bahrain, Dubai firms invest in Asteco franchise deals

Bahrain real estate company RightWay and Dubai-based Savana Real Estate are the latest to invest in the franchise of the Asteco brand in the Gulf region.

Asteco revealed that it has added its first GCC franchise outside of the UAE and the third Dubai franchise to its growing portfolio.

Bahrain-based RightWay and Dubai's Savana Real Estate will now operate under the Asteco brand following the signing of a franchise agreement with Asteco's licensing division, a statement said.

The division has been specifically created to offer franchise opportunities to qualifying real estate companies, independent realtors, regional entrepreneurs looking to diversify their existing businesses, or launch a start-up in the property sector.

John Stevens, managing director, Asteco, said: "We have established relationships with two businesses which share similar ideologies and real estate acumen to that of Asteco. Both businesses are an ideal fit for our franchise model and I look forward to working with them both as we move forward."

RightWay chief Angela Marino AlFarooq added: "To have the backing of a large, long-established real estate firm such as Asteco will undoubtedly play a major role in supporting RightWay throughout our entire launch phase and beyond. More importantly it will support our ambition to become the largest real estate company in Bahrain."

Established in 2014 by Hashim Ahmed, Savana Real Estate is a real estate brokerage agency specialising in commercial real estate.

"Recognising the important role Asteco has played in helping to develop the real estate sector in the UAE was an integral part of our decision to join the Asteco brand, which has built an enviable reputation over the past 30 years. Adopting their business model and having access to an experienced team and influential network made the decision an easy one to make," said Ahmed.

Asteco is the only locally established, full service real estate business in the region offering a bespoke franchise opportunity.

In 2013/14, Asteco listed more than AED2.1 billion worth of property for sale and offered 1.5 million square feet of leasable space.

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