Buffett's Berkshire Hathaway moves into Dubai

Buffetts Berkshire Hathaway moves into Dubai

Dubai - The US firm plans to open a second UAE office in Abu Dhabi within a year.

By Reuters

Published: Sun 28 Apr 2019, 6:01 PM

Last updated: Sun 28 Apr 2019, 8:14 PM

The real estate affiliate of billionaire investor Warren Buffett's Berkshire Hathaway Inc said on Sunday it will expand its brokerage operations into the Middle East by opening an office in Dubai.
The US firm said it also plans to open a second UAE office in Abu Dhabi "within a year".
Berkshire Hathaway HomeServices Gulf Properties will be led by chairman Ihsan Husein Al Marzouqi and chief executive officer Phil Sheridan, a company statement said. They will have a team of 30 advisers and support staff.
"Dubai has been a top priority for our network's global expansion as it represents innovation among world leaders and is a top global center for trade, logistics, tourism and finance," said Berkshire Hathaway HomeServices chairman, Gino Blefari.
S&P Global Ratings said in February Dubai residential property prices will fall another 5-10 per cent this year due to a continued gap between supply and demand, before steadying in 2020. - Reuters

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