Coming from the international luxury real estate company’s Dubai-based Luxhabitat office, Erick Knaider has joined Saudi Arabia Sotheby’s International Realty as its new managing partner, a move that marks Sotheby’s intention to be more active in its offerings to the Saudi region. As his first challenge, Knaider will be focusing on Raffles Residences Jeddah, a world-class luxury property equipped with 48 floors, 120 units, swimming pools, a private club and a plaza on the Jeddah’s waterfront. Developed by Erth Real Estate Developer Company, and set to be completed by Q2 2024, the starting price for units is $2.613mn (SAR9.8mn).
Luxury Market Expertise
According to the firm’s statement, Knaider was picked for his experience in one of the brand’s successful chapters, in addition to working across diverse dimensions in UAE, Saudi Arabia, Qatar and Oman. Filling senior roles at Luxhabitat, most recently directing multiple exclusive projects for private and government clients as chief commercial officer (CCO), his expertise in the luxury real estate market will be crucial to performing his new role as well as delivering Saudi Arabia Sotheby’s strategic goals.
Confident in his competence, Sotheby’s International Realty said that his active capability to produce consistent results, as demonstrated at Luxhabitat, will play an important role in supporting its efforts of putting Saudi Arabia on the map for its significant luxury development and projects.
Entering the Saudi Market
Last March, Sotheby’s opened its first affiliated office in Saudi Arabia, which is currently headed by George Azar, chairman and CEO of Luxhabitat. Headquartered in Al Faisaliah Tower, the branch is celebrated as the seventh in the Middle East and is designated to serve the entire Saudi market. The company intends to take advantage of present and upcoming opportunities spanning the hospitality sector, particularly the increasing demand for luxury hospitality developments in the wake of Saudi Arabia’s booming tourism investments.
“Saudi Arabia is seeing an increase of major development projects, including luxury branded residences, internationally recognized hospitality resorts, and exclusive residential projects,” said Philip White, president and CEO of Sotheby’s International Realty. “I look forward to supporting George and the entire Saudi Arabia Sotheby’s International Realty team.”
“We are thrilled to align with Sotheby’s International Realty as their international expertise and experience in working with high-end listings pairs well with our business,” said Azar. “We are seeing increased demand for luxury properties and development projects and our affiliation with Sotheby’s International Realty enables us to meet this demand.”
