Nakheel takes real estate expertise to Saudi Arabia

Date

3/14/2016 3:51:57 AM

(MENAFN- Khaleej Times)

Dubai's master developer Nakheel is taking its real estate development expertise to the Kingdom of Saudi Arabia (KSA) where it will provide technical support to leading developer Al Akaria for a range of new mixed-use projects in and around Riyadh.

The two companies have signed a Memorandum of Understanding (MoU) under which Nakheel will apply its entire range of skills including master planning design construction management mall design and management hospitality projects and leasing.

Nakheel chairman Ali Rashid Lootah said: "Nakheel is a proven leader in the delivery of world-class developments that set new standards in creativity design and engineering. We are delighted to take our unrivalled know-how experience and expertise to KSA and to work with another leader Al Akaria as it expands its development project portfolio."

Abdulrahman Almofadhi chairman of Al Akaria said: "Al Akaria is embarking on a large and rapid expansion. We selected Nakheel to enable us to kick-start and speed up these new projects and have every confidence in its ability to help us deliver. We look forward to drawing on Nakheel's extensive expertise now and in the future through a long-term partnership."

An estimated three million new housing units are needed in KSA by 2025 to keep up with the country's rapidly-growing population which is expected to reach 37 million over the next 10 years.

Among the new projects is Al Wasl a 7000 hectare integrated master development with thousands of homes north-west of the Saudi Arabian capital.

Established by Royal Decree in 1976 Al Akaria designs constructs maintains and manages a growing range of residential and commercial developments including gated communities mixed-use complexes and mall.

Other upcoming developments by Al Akaria include a new luxury residential project with 358 homes in Riyadh's Diplomatic Quarter; The Village a new gated community with nearly 1100 residential units mosques schools shopping centres and parks; and a 10000 hectare development with hotel serviced apartment retail office and leisure components.

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