Thursday, Mar 10, 2016
Dubai: Nakheel will provide technical support to Saudi Arabia-based developer Al Akaria for a range of new, mixed-use projects in and around the capital Riyadh, the Dubai developer said in a statement on Thursday.
The two companies have signed a Memorandum of Understanding (MoU) under which Nakheel will apply a range of skills, including master planning, design, construction management, mall design and management, hospitality projects and leasing.
“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,” stated Abdul Rahman Al Mofadhi, Chairman of Al Akaria.
An estimated three million new housing units are needed in Saudi Arabia by 2025 to keep up with the country’s rapidly-growing population, which is expected to reach 37 million over the next 10 years, Nakheel said in the statement.
Among the new projects in the kingdom is Al Wasl, a 7,000 hectare development with thousands of homes, north-west of the Saudi Arabian capital.
Meanwhile, upcoming developments by Al Akaria include a new luxury residential project with 358 homes in Riyadh’s Diplomatic Quarter; The Village, a new community with nearly 1,100 residential units; and a 10,000 hectare development with hotel, serviced apartment, retail, office and leisure components.
Al Akaria designs, constructs, maintains and manages a growing range of residential and commercial developments including gated communities, mixed-use complexes and malls.
Nakheel stated its current and future retail project portfolio covers more than 15 million square feet of leasable space.
Staff Report
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