Chestertons is expanding its presence in Saudi Arabia through a joint venture with Saudi-based MEDAD Valuation International.
Following the deal, Chestertons will open offices in Riyadh, Jeddah and Al Khobar, three major cities in the area.
The new jv, Chestertons Saudi Arabia Property, will commence operations during the second quarter of 2015.
Saudi Arabia is one of Chestertons largest markets for residential investment into London by both volume and value. The new partnership will enable Chestertons to provide valuation and consultancy services, feasibility studies, development consultancy and market research to its local clients.
Chestertons group chief executive Robert Bartlett said: “We are pleased to be working with such a strong partner in the region and the opening of three offices in Saudi Arabia helps us to build on the growing amount of business we have in the region. Saudis are beginning to invest in residential property in other global destinations with the support of the Chestertons network, and this joint venture will help develop this further.”
MEDAD Valuation International is part of the Najeeb Abdullatif Alissa Holding Company.
