Saturday 11 May 2019
Warren Buffett’s real estate brokerage is widening its reach into the Middle East with an office in Dubai and plans to also set up operations in Abu Dhabi.
Berkshire Hathaway HomeServices Gulf Properties will have a team of 30 advisers and support staff, the company said. It also said Dubai represents innovation among world leaders and is a top global center for trade, logistics, tourism, and finance. Gulf Properties will connect the brokerage network between East and West.
The new residential brokerage network aims to triple its advisor count and open an office in Abu Dhabi in 2019. Dubai’s growing real estate market with favorable ownership advantages including tax-free income and resident visas issued on property purchases, the hosting of Expo 2020, and an expanding population that now exceeds 3 million attracted Gulf Properties to start operating in the emirate.
Berkshire Hathaway first acquired a stake in HomeServices of America as part of the purchase of its parent company, an energy business, in 2000. It began operations as Berkshire Hathaway Homeservices in 2013 and has about 50,000 advisors and 1,450 offices.
In December 2018, an insurance unit of the billionaire investor’s Berkshire Hathaway opened in the Dubai International Financial Center, offering specialty and commercial insurance and reinsurance products with a focus on construction, energy, property, marine, casualty, and executive and professional segments. The company said it remains bullish on the prospects of economic growth in regions from Middle East and North Africa to India, Turkey, and CIS.