UK property firm Chestertons has launched in Saudi Arabia through a joint venture with MEDAD Valuation International.
The new JV, titled Chestertons Saudi Arabia Property Limited, has begun operating out of offices in Riyadh, Jeddah and Al Khobar, according to a company statement.
The firm will provide valuation and consultancy services for property companies, banks and financial institutions; corporate valuations for owner-occupiers; and retail mortgage valuations for bank lending purposes across all asset classes, said Simon Gray, managing director of Chestertons MENA.
It will also provide feasibility studies, development consultancy and market research to its clients in the Kingdom, he added.
In addition, the firm will also offer services such as industrial appraisals of plant and machinery, production facilities as well as power plants and power generating equipment. Appraisal services for vehicles and heavy equipment – including automobiles, trucks and trailers, buses and construction – will also be provided for banks, financial institutions and leasing companies.
“We intend to combine our regional and international strengths with our partner’s local expertise to serve our valued customers in Saudi Arabia,” Gray noted.
“Valuations undertaken by a reputed third party independent company aids investors across the Kingdom to understand the market and also, in case of disputes, assist them with support according to the international accounting guidelines.”
In addition to offering valuation services, Chestertons Saudi Arabia will also cater to Saudi investors looking to invest in London’s residential market, working in conjunction with its network of offices across the English capital.