Chestertons has announced plans to expand across Saudi Arabia.
The firm has entered into a joint venture agreement with Saudi-based MEDAD Valuation International.
The deal gives Chestertons offices in three major cities – Riyadh, Jeddah and Al Khobar – together with valuable brand presence and a stronger residential sales pipeline for London and its other global offices.
The company said the deal is a major step forward for Chestertons as Saudi Arabia is one of its largest markets, by both volume and value, for residential investment into London.
The company has been operating in Saudi Arabia for a number of years but the new partnership will enable it to operate more widely and publicly.
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.”
Comments (3)
I thought that might receive a response! Just an unfortunate time for Chestertons to highlight their new connection. I'm sure the Saudi government are absolutely clean as they sent their leader to Paris the other day! I've never been a racist, by-the-way, and am a great supporter of the Judeo/Christian/Islamic tradition. If we all looked at what we have in common rather than what we have not, most of our problems would be solved. Anyway, enough of philoshophising. Just one word: oil!
Well done Chestertons. Saudi Arabia is the world's largest source of funding for salafi jihadist groups, in particular al Qaeda and the Afghan Taliban. They will certainly be working with a "strong partner". Just what we all want to be hearing about now in western Europe.
Slight xenophobia bordering on racist comment Richard, Should agents not have an office in Ireland as that will be seen to support the IRA? Or maybe us English firms should close as we obviously support the Christian Crusades "Back in the day" or an illegal war as more recently as many people have called it?!