Elaine Jones stands out as a pioneering figure in the UAE real-estate industry. From launching her career in Dubai to founding one of the region’s major property-services firms, Jones has played a defining role in shaping how the city manages and values its built environment. Her story is not just about property it’s about foresight, professionalism and growth in a rapidly evolving market.
Early Career and Founding of Asteco
Elaine Jones first arrived in the UAE market in the early 1980s, at a time when Dubai was beginning its transformation into a global city. She arrived nearly 40 years ago and took a position with a global property-services firm before venturing out on her own. In 1985 she co-founded Asteco Property Management in Dubai a firm set up to provide leasing, asset management, valuation and advisory services for residential, commercial and industrial property.
Under her leadership, Asteco grew from a modest operation into a multidisciplinary property-services firm covering sales, leasing, valuation, consultancy and asset management across the UAE and the region.
Building Reputation and Market Presence
One of the hallmarks of Elaine Jones’s approach has been emphasising professionalism and local market knowledge. As she put it in an interview: “We have that knowledge of what’s gone before, we pick the developers accordingly.” Her firm became known for its transparent approach and for applying international standards for example, Asteco states that valuations are carried out in accordance with the Royal Institution of Chartered Surveyors (RICS) and International Valuation Standards.
Asteco’s growth and increased industry standing were reflected in its decision in 2004 to relocate its offices to the Capricorn Tower on Shaikh Zayed Road in Dubai, positioning itself right at the heart of the city’s prime commercial belt. At the time Jones commented: “We are now closer to our market and our customers.”
Strategic Transition and Industry Recognition
In October 2012, after more than a quarter-century of running day-to-day operations at Asteco, Elaine Jones announced she would step down from managing the company’s daily activities in order to focus on advisory work and other business ventures. That same year she was elected as an Eminent Fellow of RICS, a distinguished accolade reserved for those who have made outstanding contributions to the property and built-environment professions. The company’s press release described her as “an industry veteran with over 30 years’ experience in the Middle East”.
Acquisition and Ongoing Influence
In February 2021, Asteco was acquired by Aldar Estates, an Abu Dhabi-based integrated property-services company. As part of the acquisition, Aldar Estates assumed the management of more than 32,000 residential units and nearly 28,000 owner-association managed units in the UAE, as well as 650,000 m² of commercial assets across 23 properties. On the occasion of the acquisition, Elaine Jones, now acting in an advisory capacity said: “Since its inception over 35 years ago, Asteco has built a solid reputation for consistently delivering high quality, professional, value-added services in a transparent manner. With the combined expertise that Aldar Estates brings, we are sure that our offering will be stronger than ever…”
Legacy and Insights
Elaine Jones’s career reflects several key lessons: building trust over time, aligning operations with international standards, and adapting to market shifts in a fast-changing environment. In a 2018 interview she observed: “The only constant is change and the positive up-turn after every decline.” Her emphasis on doing due diligence when buying or leasing property, especially in a dynamic market like Dubai, remains relevant for investors, tenants and developers alike.
Today, although Elaine Jones is no longer at the helm of day-to-day operations, she continues to exert influence through advisory roles and through her contributions to the industry in the UAE and broader Middle East region.
