Independent, full-service real estate company, Asteco, has signed its first master franchise deal in Saudi Arabia.
Having signed the agreement with Asteco’s licencing division at Cityscape Abu Dhabi, Ma’ather for Real Estate Management – the main real estate division of the Saudi-based construction, industrial, and real estate company, Rabiah & Nasser Group (RANCO) – will now operate under the Asteco brand.
The deal takes Asteco’s total number of franchises in the GCC to 15.
Commenting on the franchise agreement, John Stevens, managing director of Asteco, said: “RANCO has built a solid reputation over the last 60 years as a reliable and trustworthy real estate company, with credentials that are second to none.
“Their extensive knowledge and business acumen makes them a natural fit for the Asteco franchise model, and I look forward to working with the team on the international and domestic real estate Saudi market.”
RANCO’s projects include residential and compound properties in Riyadh and Al Khobar, as well as commercial office complexes in Riyadh, Al Khobar, and Jeddah.
Raed Al Rabiah, managing director of Ma’ather for Real Estate Management, noted: “This new franchise subsidiary is in line with our group vision in residential development, and complements our real estate property management portfolio.
“The backing of a real estate firm of Asteco’s standing and its over 30 years of experience will undoubtedly play a major role in supporting us during the launch phase and beyond.”
Asteco provides independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.
Its licencing division, established in 2014, was created specially to offer franchise opportunities to qualifying real estate companies, independent realtors, and regional entrepreneurs looking to diversify their existing businesses, or launch a start-up in the property sector.
Currently, Asteco has 14 franchises across four different countries in the GCC, including Livington Properties, Asset Value Real Estate Brokerage, and Savana Real Estate in Dubai, as well as Bahrain-based RightWay.
