Dubai developer Nakheel has signed an agreement with Saudi Arabian developer Al Akaria to develop new, mixed-use projects in and around Riyadh.
The two companies have signed a memorandum of understanding under which Nakheel will support with master planning, design, construction management, mall design and management, hospitality projects and leasing.
Projects being developed by Al Akaria include Al Wasl – a 7,000 hectare integrated master development with thousands of homes; 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.
Chairman of Al Akaria Abdulrahman Almofadhi 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. We look forward to drawing on Nakheel’s extensive expertise now and in the future through a long-term partnership.”
Saudi Arabia is seeing a boom in new housing supply to meet growing demand.
An estimated three million new housing units are needed in the kingdom by 2025 to keep up with the country’s rapidly-growing population, which is expected to reach 37 million over the next 10 years.
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