Realty Executives (USA) Awards Franchise Rights in G.C.C.
02 Mar 2010 - Realty Executives International, Inc. announced franchising rights to six countries of the Middle East’s Gulf Region: United Arab Emirates (UAE), Saudi Arabia, Bahrain, Kuwait, Oman and Qatar. The agreement was fully executed on January 21, 2010. “The natural resources and destination status of the Gulf Region has positioned it as a major global leader in business and tourism,” says Glenn Melton, chief executive officer of Realty Executives International. “And being able to tap into that network adds great value to our system of Realtors.”
In a three year, phased growth plan, Franchise Owners Ahmed Alshaer and Eissa Alhateri plan to open 12 brokerage offices with approximately 100 Executives (real estate agents) by Q1 of 2013. The first office will open this quarter in Saudi Arabia followed by a second office in Qatar. Offices in the UAE, Muscat and Oman are slated for 2011; offices in Manama, Bahrain and Kuwait are planned for 2012.
“Ahmed and Eissa are entrepreneurs with strong vision and foresight,” states Scott Hurlock, vice president of franchise development for Realty Executives International. “I believe they will reinvent how people do real estate business in the Gulf Region.”
Alshaer, formerly with Realogy for Gulf Council Countries, is currently working in collaboration with the UAE governments to build a standardized Multiple Listing Service (MLS) in an effort to streamline inventory listings similarly to the United States’ MLS real estate model.
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