Chestertons Expands in Saudi Arabia through Joint Venture
London, January 12th, 2015: Chestertons, the residential property agency, 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 during the second quarter of 2015, and will be opening offices in Riyadh, Jeddah and Al Khobar simultaneously. 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. The company has been operating in the Kingdom for a number of years but the partnership will enable them to better serve the clients they have there, give them a higher profile and enable them to operate more widely and publicly. They can now also service clients in the eastern provinces with the new office in Al Kobah.
Robert Bartlett, Group CEO of Chestertons, 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".
“This represents a significant new investment for us and will become a key corner stone in developing our broader MENA strategy and in supporting our market leading operations within Dubai and Abu Dhabi. I expect to see further significant developments of our MENA business throughout 2015.”
Through the new partnership Chestertons will also provide valuation and consultancy services, feasibility studies, development consultancy and market research to its local clients.
“We are entering Saudi Arabia at the right time and we will combine our regional and international strengths with our partner’s local expertise to serve our valued customers in Saudi Arabia. We are also seeing a lot of interest for valuations from local investors with regard to Saudi based properties,” said Simon Gray, Managing Director, Chestertons MENA.
For more details please visit www.chesterton-mena.com.