Sotheby's International Realty to expand luxury brand presence in the Middle East

Sotheby's International Realty Affiliates LLC announced Tuesday its plans for the brand's expansion into five additional Gulf countries, complementing its existing presence in the United Arab Emirates.

Within the next year, the brand's affiliate brokerage in the region, Gulf Sotheby's International Realty, is expected to enter the important new markets of Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.

"Increasing our brand presence in the Middle East is yet another example of our commitment to providing the Sotheby's International Realty network's exclusive real estate services in luxury property destinations around the world," Sotheby's International Realty Affiliates President and CEO Phillip White said. "The Middle East continues to be one of the most important sources of cross-regional capital into the global real estate market and we are proud to support Gulf Sotheby's International Realty as the company expands its footprint and continues to provide robust regional market intelligence to its clients."

Operating in Dubai and Abu Dhabi, Gulf Sotheby's International Realty is led by Chairman George Azar. The firm intends to open seven offices around the region including Dammam, Jeddah and Riyadh in Saudi Arabia and in Bahrain, Kuwait, Oman and Qatar.

The Sotheby's International Realty network has approximately 17,000 sales associates in approximately 800 offices in 61 countries and territories worldwide.