Dubai master developer Nakheel is taking its real estate development expertise to Saudi Arabia, where it will provide technical support to leading developer Al Akaria for a range of new, mixed-use projects in and around capital Riyadh.
The two companies have signed an MoU (memorandum of understanding) under which Nakheel will apply its entire range of skills, including masterplanning, design, construction management, mall design and management, hospitality projects and leasing.
On the deal, chairman Ali Rashid Lootah says: “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 Saudi Arabia and to work with another leader, Al Akaria, as it expands its development project portfolio.”
Abdulrahman Almofadhi, the chairman of Al Akaria, says: “We are 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.”
Al Akaria designs, constructs, maintains and manages a growing range of residential and commercial developments including gated communities, mixed-use complexes and mall. Its other upcoming developments include a new luxury residential project with 358 homes in Riyadh’s Diplomatic Quarter; The Village, a new 1,100-unit gated community; and a 10,000-hectare development with hotel, serviced apartments, retail, office and leisure components.