Global property services firm CB Richard Ellis Group has announced it is opening a new office in Bahrain, one of the financial services and real estate centres of the Middle East and North African region (MENA). The property advisor believes that the Gulf's real estate market continues to offer opportunities for its international client base despite the turmoil in the global financial markets.
Global property services firm CB Richard Ellis Group has announced it is opening a new office in Bahrain, one of the financial services and real estate centres of the Middle East and North African region (MENA). The property advisor believes that the Gulf's real estate market continues to offer opportunities for its international client base despite the turmoil in the global financial markets.
Bahrain is one of the best-regulated financial centre in the Middle East, and is home to approximately 400 licensed financial institutions. CBRE expects to employ a staff of more than 100 people in the Gulf area by the year end, of which at least 20 will be based in Manama, Bahrain. The local office will be managed by Mike Williams, who has spent the last 10 years working throughout the region in a range of consultancy/advisory roles to both the public and private sectors.
Mike Strong, chairman of CB Richard Ellis, EMEA, said: 'The opening of an office in Bahrain is another important step forward in our Gulf expansion strategy.'
The new office will also extend CB Richard Ellis' ability to provide consultancy services to local investors in the Gulf region seeking to invest overseas, the company said. A recent CBRE report indicated that Sovereign Wealth Funds (SWFs) alone are set to invest $ 725 bn in commercial real estate by 2015. In particular, more investment is expected to flow from key Gulf SWF's as a consequence of high inflows of capital.
