Buffett bets on Dubai property
Published on: Tuesday, April 30, 2019
DUBAI: Warren Buffett’s (pic) real estate brokerage is expanding into the Middle East with an office in Dubai. Berkshire Hathaway HomeServices Gulf Properties will be led by Chairman Ihsan Husein Al Marzouqi and Chief Executive Officer Phil Sheridan. It will have a team of 30 advisers and support staff, according to a statement.
“Gulf Properties aspires to grow quickly by tripling its advisor count and opening a second office in Abu Dhabi within a year,” it said.
ADVERTISEMENT
Berkshire Hathaway HomeServices in November teamed up with London-based Kay & Co., its second franchisee in Europe, after Rubina Real Estate in Berlin.
The company said then it hoped to add Milan, Vienna and Dubai to its network. Berkshire Hathaway Specialty Insurance Co. started operations in Dubai last year.
Buffett is expanding in Dubai as the emirate’s property market defies all predictions of a rebound and extends a slump since a peak in October 2014. S&P Global Ratings said last month it expects prices to fall as much as 10pc this year.
Buffett to expand his real estate empire to Milan, Dubai
ADVERTISEMENT
“Dubai has been a top priority for our network’s global expansion,” Berkshire Hathaway HomeServices Chairman Gino Blefari said in Sunday’s statement.
“Gulf Properties will connect our growing brokerage network between East and West.”
ADVERTISEMENT
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
