Jones Lang LaSalle
Companies Target Dubai, UAE Residential Market
By Barbara Jarvie
Last updated: November 21, 2005 12:17pm

PARSIPANY, NJ-Locally based Cendant Global Services Inc. awarded exclusive master franchise rights for the Sotheby’s International Realty brand in Dubai and the United Arab Emirates to a newly formed company. The company will operate under the name Nakheel Sotheby's International Realty.

The target of the master franchisee will be to develop a system of real estate offices for residential real estate brokerage opportunities. Sotheby’s International Realty is a subsidiary of Cendant Corp. The company will market such properties as Nakheel’s man-made islands known as the Palm. Other developments include the World, consisting of 300 man-made islands.
Sultan Ahmed bin Sulayem, Nakheel executive chairman, says, “As the real estate sector continues to grow in both Dubai and the Middle East…the Sotheby’s brand will be instrumental in exposing our properties to an international audience whilst providing discipline to the secondary market.”

James Wilson, CEO of Nakheel and Nakheel Sotheby's International Realty, adds that the first offices will be located in Dubai.