Abraham Group, US real estate giants enter Qatar market11/13/06
Gulf Times, Doha, Qatar
WELL-known US real estate organisation Grubb & Ellis and international strategic consulting firm The Abraham Group have announced their foray into Qatar’s real estate scenario with a strategic partnership with Daffa International Company, headed by former Qatar ambassador to the US Badar Omar al-Daffa.
The new joint venture will be known as Grubb& Ellis/Gulf States Realty Advisors LLC. In the company, Daffa International will have a 51% stake and the remaining share will be held by Middle East Real Estate Services, LLC. The latter company is 67% owned by Grubb & Ellis Management Services and 33% by The Abraham Group.
Announcing this yesterday at a press meet, jointly hosted by the three parties, Badar al-Daffa said the tie-up would give a remarkable boost to Qatar’s ever-growing real estate sector.
The former envoy, also the chairman and CEO of the Daffa International Company, expressed the hope that the new venture would be able to initiate a number of innovations in the country’s real estate business. Terming the alliance as a vital component in the fast developing sector, Al-Daffa said it would herald the arrival of a number of similar players to the region in the coming years.
The Abraham Group, headed by former US secretary of energy, Spencer Abraham, is providing commercial real estate management services worldwide. Addressing the journalists and representatives of some major business houses, Abraham said "Earlier, as secretary of energy I enjoyed a wonderful working relationship with the government and people of Qatar. Now our company is excited to provide world-class real estate services to the gulf region through the new joint venture," he said.
Abraham described the new joint venture as a trendsetter in the country’s buoyant real estate sector. While expressing the optimism that Qatar’s real estate scenario would grow manifold in coming years, Abraham said the region, especially Qatar, is experiencing unprecedented commercial and residential growth and the new company will provide the highest level of management services.
"The commercial and residential real estate market throughout the region is experiencing an unprecedented growth and I understand that more than 200 high-rises are currently being developed in Doha alone," he said. The new company, said Abraham, was formed in response to this growth and specifically to meet the requirements for world-class, comprehensive property management services.
Speaking later, David Flynn, executive vice-president of Grubb & Ellis and general manager of the new company, said it would give the team an opportunity to bring high-quality management services to the sophisticated properties that were being built in Qatar and the Gulf states. Flynn said his company believed that there was a fair amount of opportunities for professional property management services. "We look forward to being able to serve the needs of investors, developers, and our existing corporate clients that have operations throughout the region," he said.
Grubb & Ellis is one of the World’s leading full-service commercial real estate organisations, providing a complete range of transaction, management and consulting services.
While introducing his company’s str