A few months ago Philip James successfully sold a multi-million pound property development in Manchester to a buyer from Saudi Arabia. He was so impressed by the way we do business that he invited us to Saudi to meet him and his investor colleagues. So CEO Philip Nolan and Director Rob Cuffe jumped on a plane to see what Saudi has to offer.
Here is their diary…
Sunday, 5th May
“Up early and grab a cab to Manchester Airport. We’re flying to Saudi Arabia today to meet a client who bought a development from us in Manchester. Hope it’s warmer over there because it’s the middle of May, it’s cold and raining and the M56 is frustratingly busy with Sunday morning car boot traffic. The cab costs £35 and the sandwich from Pret A Manger is £5. Glad we’re being looked after in Saudi!”
“The Emirates A380 plane is amazing and because the journey was over 7-hours long we had time to discuss what we were going to do in Saudi. It’s a fantastic opportunity to be invited to a client’s home town so we want to make sure we don’t miss a thing. We’re told so much about Saudi and we can’t wait to see it ourselves. The plane hits the tarmac, the doors open and we’re welcomed with a rush of warm air. Missing Manchester, yet? Don’t think so!
“We’re met at the airport by our client and whooshed straight to the luxury hotel – they certainly do things differently over here. We’re taken for a very tasty supper then we hit the sack early. Lots to do tomorrow.”
*****
Monday, 6th May, 2013
“Beautiful sunny morning in Saudi and we’re off for breakfast with our client. It’s the perfect opportunity to meet some of the most experienced local property investors and chat to them about what we do back in the UK. We soon learn that Manchester has a very high international profile; although we suspect that’s down to Rooney and Beckham, but at least they know about our wonderful city!”
“Businesses in Saudi are really keen on investing in the UK, especially in Manchester. And it’s not just the local banks either; it’s local investors and international property experts. We’re given a fantastic warm welcome everywhere we go and it’s clear to see that Saudi is open for business.”
“Our client tells us we’ve been invited to a property auction tomorrow so after lunch he offers us a bit of a break and takes us on a trip out of town to see where he lives and a tour of local sites including amazing caves and the desert too – what a stunning country this is. It’s an honour to be invited for lunch and we’re told more about how business is done over here in Saudi.
“Business in Saudi is nothing like it is back in the UK – it feels like a 24-hour climate and we’re told tomorrow’s property auction will be a long one, so we get to bed early ready for another day”
*****
Tuesday, 7th May
“Saudi Arabia gets up very early. Every day. So not wanting to miss out we rise with everyone else at 6am and the property day kicks off. We’ve never seen such a dedicated work ethic – the Saudis are really keen on doing business and there’s no messing around.”
“After breakfast we’re invited to meet executives from two Saudi banks. We have the opportunity to talk about funding, investing and oversees finance. The banks are very interested in how we can implement Saudi funding into the UK to give their buyers the best opportunity to invest in Manchester. Exciting times ahead.”
“Grab some lunch then we’re whisked off to a Saudi property auction where investors bid for building sites to construct individual houses and property developments. It’s the most amazing thing we’ve ever seen. The venue resembles a huge glamorous wedding; 50 dressed tables, silk ceilings, laptops on every table and two auctioneers working side by side. There was tea and coffee on tap and huge glass chandeliers above our heads. In a tent!”
“The property bidding was slick and fast and we sit at the big posh table in awe of how efficient and spot on the auction was. Within a few hours the total amount of property bid on had reached £110million. But the drama didn’t end there; suddenly a huge sandstorm enveloped the surrounding area and we were evacuated back to our hotel. They certainly know how to put on a show!”
*****
Wednesday, 8th May
“Day two of the property auction and the bidding kicks off from where the sand storm ended. Today it’s even faster and slicker than yesterday and it makes us reflect on how sedate and reserved UK auctions are. The total amount bid today is more than double what it was yesterday and we leave feeling a little exhausted after all the action. Philip orders a cup of tea and we’re given the biggest urn you’ll ever see.”
“After a mad day our client kindly offers to take us out for dinner and we experience a proper local dining experience. In China we ate with chopsticks and here we eat with our right hand! We ordered Mandi Chicken with plain rice and grilled chicken on Mazbi rice – delicious!”
*****
Thursday, 9th May
“Sightseeing day and time for a bit of R&R. Our client takes us on a tour of all the local sites; not just the skyscrapers you see on TV but the REAL Saudi. And it’s bigger and better than you can ever imagine.”
“We leave the city and Rob spots a sign for local petrol. Guess how much? Guess again! Local petrol was just 10p-a-litre. If we could have filled our suitcases we’ve had done it there and then! We drive further out of the city and witness huge brand-new 5-lane motorways leading to huge shopping malls. Every town has at least three Trafford Centre-size malls.”
“Inside the malls it feels a bit like being back in the UK; everything you see in the Trafford Centre you’ll see here, from English department stores to branches of Starbucks. We decided not to have a boiling hot cappuccino and went for a nice iced Latte instead. It’s hot here but we could REALLY get used to it!”
“Soon it’s time for us to fly back home. We’ve had an amazing time over here in Saudi Arabia. The people have been welcoming and accommodating and the way they do business is really impressive. We’ve learnt a lot of lessons on how to up our game and we’ll be able to use this experience to help our investors and landlords back home.”
“On the flight back from Saudi we talk non-stop about doing business with the guys we met. It’s not our first international trip, back in 2012 we went over to China to see how they invest in property, but this trip was one of the best we’ve been on.”
“Many people who haven’t been to Saudi make judgements about the property market and the people who invest. You’ll hear clichés about “being built on a bed of sand” and “short-term bull markets” – but it couldn’t be further from the truth. Over in Saudi they think like we do; their investors are all medium to long-term buyers and they have a truly international view of the property market.”
“The guys we met are investing millions at home in Saudi and hopefully we’ll be able to help them do the same in Manchester. It’s an exciting time for the UK and an even more exciting time for Philip James.”
“We’ll definitely be back!”