Dubai, 10 March 2016

Dubai master developer Nakheel's is taking its real estate development expertise to the Kingdom of Saudi Arabia, 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 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, added: "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 7,000 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 1,100 residential units, mosques, schools, shopping centres and parks; and a 10,000 hectare development with hotel, serviced apartment, retail, office and leisure components. 

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Media contact: Rebecca Rees on +971 4375 9702 (Rebecca.rees@nakheel.com)

About Nakheel (www.nakheel.com)
Nakheel is one of the world's leading developers and a major contributor to realising the vision of Dubai for the 21st century: creating a world class destination for living, business and tourism. Nakheel continues to deliver and enhance an iconic portfolio of innovative landmark projects in Dubai across the residential, retail, hospitality and leisure sectors.

Our master developments include Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, International City, Jebel Ali Gardens and Nad Al Sheba Community. Together, these span more than 15,000 hectares and currently provide homes for over 270,000 people. Nakheel has nearly 21,000 residential units under construction or in the pipeline.

Nakheel's current and future retail project portfolio covers more than 15 million square feet of leasable space. Retail destination developments include Ibn Battuta Mall, Dragon Mart 1 and 2, Nakheel Mall, The Pointe, The Golden Mile, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and major extensions to Dragon Mart (renamed Dragon City) and Ibn Battuta Mall. Nakheel also has several neighbourhood community centres in operation or under development.

Our growing hospitality project portfolio comprises 10 hotels at various locations in Dubai, including Palm Jumeirah, Deira Islands, Ibn Battuta Mall and Dragon City.

© Press Release 2016