Berkshire Hathaway HomeServices announced expansion of its franchise network into the United Arab Emirates (UAE) with the opening of Berkshire Hathaway HomeServices Gulf Properties.
The brokerage is led by Dr. Ihsan Husein Al Marzouqi, chairman; and CEO Phil Sheridan, who bring to the company an established team of 30 professional advisors and support staff. Gulf Properties aspires to grow quickly by tripling its advisor count and opening a second office in Abu Dhabi within a year.
“We are excited to enter the UAE and Dubai with such experienced and respected leaders as Dr. Ihsan Husein Al Marzouqi and Phil Sheridan,” said Berkshire Hathaway HomeServices Chairman Gino Blefari. “Dubai has been a top priority for our network’s global expansion as it represents innovation among world leaders and is a top global center for trade, logistics, tourism and finance.”
Gulf Properties marks the fourth global franchisee of BerkshireHathaway HomeServices following Rubina Real Estate in Berlin; Kay & Co. in London and Maggi Properties in Milan. The brokerage will stress ongoing professional development and will provide its advisors with top-shelf tools and resources.
“We are proud to bring the Berkshire Hathaway HomeServices brand to Dubai,” said Sheridan. “The brand and its lineage are respected globally. We believe the brand will be warmly embraced in Dubai and the UAE as residents and property investors will appreciate the brand’s reputation and marketing potential.”
Timing for Gulf Properties’ brand transition is ideal, Sheridan added, as the Dubai real estate market moves forward with a growing population now exceeding three million – many of whom own property – and two-thirds of the world’s population within an eight-hour flight. Consumers are increasingly drawn to Dubai for its favorable ownership advantages including tax-free income, no property-tax assessments and resident visas issued on property purchases, among other factors.
“We are excited for the future and honored that our franchise agreement makes Dubai the first Berkshire Hathaway HomeServiceslocation outside the U.S. and Europe,” said Al Marzouqi. “The presence of such an iconic global brand is further testament that Dubai is indeed a global destination when it comes to commerce and real estate investments.”
Chris Stuart, CEO of Berkshire Hathaway HomeServices, welcomed Gulf Properties. “Dr. Ihsan Husein Al Marzouqi, Phil Sheridan and their team will be strong ambassadors of our Berkshire HathawayHomeServices brand,” he said. “Gulf Properties has experienced leadership, talented agents and an ambitious growth plan for Dubaiand the UAE. We will support the brokerage every step of the way.”