The Coldwell Banker and the Coldwell Banker Commercial brand names have debuted in Egypt with the close of a master franchise agreement between Cendant Global Services, the international master franchising arm of US-based Coldwell Banker Real Estate Corporation, and Betna for Investment and Real Estate Marketing, which now holds rights as the master franchiser of the Coldwell Banker system in the Middle East.
Betna will operate as Coldwell Banker Affiliates of Egypt and franchise the Coldwell Banker and Coldwell Banker Commercial names and systems throughout Egypt. Betna has already opened two Coldwell Banker offices in the Maadi district and in the downtown district in Zamalek, with a new office opening in Mohandseen. Established in June 2001, Betna is focused on introducing and implementing a professional Coldwell Banker real estate brokerage system throughout Egypt.
The signing of this agreement marks the continuing expansion of the Coldwell Banker system throughout the world. Currently the Coldwell Banker system has a presence in 17 countries internationally, consisting of over 291 Coldwell Banker real estate offices.
“We are privileged to be a master franchisee for the Coldwell Banker System in Egypt. We believe that with our knowledge of the market, and with the Coldwell Banker global experience in real estate, we can successfully build the first truly professional real estate brokerage office network in Egypt,” said Samir Farag, vice president of Coldwell Banker Affiliate of Egypt.
The Egyptian market is fragmented because there are no licensing or regulatory bodies there. Betna is lobbying extensively to organize the market and educate the real estate industry to create an environment where professionalism and open communication exist consistently, according to a company press release. This campaign is shadowed by the introduction of a mortgage law passed in January 2002 that will enable Egyptians to borrow to finance the purchase of their homes.
The international Coldwell Banker family also includes offices in Bermuda, Canada, the Caribbean, Central America, China, Israel, Mexico, Singapore, Venezuela, Australia and France. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
