Chestertons, an international property agency, has entered into a joint venture agreement with MEDAD Valuation International to establish operations across Saudi Arabia.
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 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 Alkhobar simultaneously to address the growing needs of its customers in the Kingdom.


Chestertons will initially provide valuation and consultancy services including portfolio valuations for property companies, banks and financial institutions; corporate valuations for owner-occupiers (accounting purposes/book value); and retail mortgage valuations for bank lending purposes across all asset classes (residential, commercial, offices, industrial, land, mixed-use buildings, hotels and special purpose buildings).

It will also provide feasibility studies development consultancy and market research to its local clients.

“Valuations are vital for the industry here as it facilitates transparency and generates the right value based on actual market dynamics,” said Khalid Abdul Ghaffar, senior vice-president of NHC.