New management for HIP Oman operations

Property agency Hamptons International & Partners (HIP), the subsidiary of real estate giant Hamptons International, has announced a change of management for its Oman operations.

The firm is the latest in a line of construction and real estate companies looking to diversify business in the GCC away from a UAE focus, as the country adjusts to deal with the impact of the financial crisis.

The HIP new management team in Oman will be led by Mohamed Ayjaz. The firm stated that one of its key objectives is to become “the Sultanate’s leading property services provider.”

“The new focus of the Oman office underscores the regional expansion of Hamptons, which already has a firm foothold within the UAE and the GCC region,” the company said in a statement.

Despite a recent slide in prices, the Oman market has faired better than others across the region, Ayjaz said.

“The property sector in Oman has shown considerable resilience, and demand continues to be robust encouraged by realistic price corrections,” he said.

“In the current economic context it is important to understand market requirements and meet them proactively. We are therefore strengthening our portfolio of affordable stock.”

The reshuffle will also see the creation of a dedicated research arm that will include valuations, research, global investment advice and asset management services. HIP has also expanded into management services.

“We have established stronger linkages with the Hamptons global network and can offer customers the advantage of accessing properties from an international database,” said Hamptons International – Mena managing director Nasser Rafi.

HIP’s Mena regional headquarters is based in Dubai. A number of firms have decentralised regional operations in recent weeks in a bid to spread risk across GCC markets.

On Saturday Dubai-based construction giant Arabtec announced the formation of a new joint-venture in Saudi Arabia, to take advantage of the country’s construction boom.

The new firm – Arabtec Saudi Arabia – will be 40% owned by Arabtec, with a 35% stake taken by CPC Services, a member of the Saudi Bin Ladin Group, and 20% by Prime International Group Services.

Source: www.constructionweekonline.com