Remax and the Bougary Group have signed a franchise agreement with the opening of an office in Jeddah, Saudi Arabia. It will operate in the Arabian Peninsula covering Saudi Arabia, United Arab Emirates, Oman, Bahrain, Kuwait and Qatar.

Three offices will be opened in Mauritius following the signing of a franchise agreement with Daniel Poupinel de Valence. This venture will fall under Remax Southern Africa, which includes SA and Namibia.

Though the Arabian Peninsula operation will concentrate on the local market, Peter Gilmour, regional director of Remax Southern Africa, says the group is now well placed to service the property needs of South Africans with interests in the region.

Under the leadership of Loay Bougary, the new company will be a real estate brokerage subsidiary of the Bougary Group, a family enterprise in Saudi Arabia.

'Remax is the first international real estate franchise here,' says Bougary. 'We will be introducing many new and modern systems of real estate to the area.

'We are encouraged by government initiatives to introduce systems that will make property more affordable to the middle class. Our demographics indicate that 50% of the population is under 18, so we expect a growth explosion,' he says.

Of Mauritius, Gilmour says the island has deep-rooted ties with SA. It has a vibrant rental market as well as a buoyant market for high-end property sales.

'The Mauritian economy is stable, robust and growing, The affinities with the SA market are strong and we expect considerable reciprocal business with the new offices. Mauritius has great growth potential and we have full confidence in Daniel, whose family has been in business in Mauritius since the 1830s.'

Cliff Shillington, Remax International's international expansion vice-president, says the Mauritian operation will benefit from the group's training, technology support systems and networking capability. It should gain the interest of potential clients through the group's offices in Europe, SA, Saudi Arabia, Singapore and Australia.

Remax operates in 40 countries, with more than 4200 independently owned offices and 73000 agents providing real estate services in residential, commercial, referral, relocation and asset management.

Shillington says Remax is looking at further expansion in southern Africa.

Business Day