Chestertons, has entered into a joint venture agreement with Saudi-based MEDAD Valuation International to further expand its operations across Saudi Arabia. The deal gives Chestertons offices in three major cities across the Kingdom valuable brand presence and a stronger residential sales pipeline for London and its other global offices.
The new JV, Chestertons Saudi Arabia Property Limited, will commence operations from April 2015, and will be opening offices in Riyadh, Jeddah and Al Khobar simultaneously. Our partner MEDAD Valuation International is part of the leading Najeeb Abdullatif Alissa Holding Company (NHC), one of the fastest growing conglomerates in Saudi Arabia with operations across the Kingdom.
The deal is a major step forward for Chestertons as Saudi Arabia is one of their largest markets, by volume and value, for residential investment into London. We have been operating in the Kingdom for a number of years but the partnership will enable us to better serve the clients we have there and enable us to operate more widely and publicly. We can now also service clients in the eastern provinces with the new office in Al Kobah.