UK-based real estate advisory firm Savills has announced its acquisition of consultancy Cluttons Middle East.
Savills said the business employs 190 staff in seven cities across the UAE, Bahrain, Egypt, Oman and Saudi Arabia and provides agency, management and consultancy advice in the commercial and residential sectors.
The deal was completed on May 31 and Cluttons will be re-branded this year, according to the announcement.
Savills said it planned to retain all Cluttons staff including CEO Steven Morgan, head of Northern Gulf Harry Goodson-Wickes, head of Dubai Murray Strang, head of Abu Dhabi Ed Carnegy, head of Sharjah Suzanne Eveleigh, head of Oman Ihsan Kharouf and head of professional services Richard Paul.
Cluttons will be Savills first wholly owned business in the Middle East having previously been represented by associates.
Its existing arrangements with Core in the UAE and other companies in Qatar and Bahrain, which began in 2014, will be ended when they expire later this year.
“Despite economic headwinds across the region in recent years, Cluttons Middle East has grown from strength to strength and Savills acquisition is testament to our current position in the market,” said Morgan.
“We are confident that the new consolidated offering will enable Savills to become a market leader in the region from the outset and we look forward to introducing the new brand to our clients and the wider market in the Gulf.”
The value of the transaction was not disclosed.
Many Gulf real estate markets have experienced a slump in sales prices and rents in recent years linked to decreasing demand from foreign workers, who have been hit by rising costs and lower job security.