Dubai-based master developer Nakheel is taking its real estate development expertise to the Kingdom of Saudi Arabia where it will provide technical support to leading Saudi 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 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,” says Nakheel chairman Ali Rashid Lootah.
“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,” adds Al Akaria chairman Abdulrahman Almofadhi.
An estimated three million new housing units are needed in KSA by 2025 to keep up with the country’s rapidly-growing population, expected to touch 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.
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.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BCarrefour inks agreement with Apparel Group to re-enter India
Disrupting the norm: Navigating retail challenges in the Middle East
/ 
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
The regional grocery retail market is becoming more and more diverse, offering
Spinneys, the leading premium fresh food retailer, has announced the opening of
Spinneys has announced the launch of The Kitchen by Spinneys, its first-ever
One of UAE’s leading fresh food retailers, Spinneys has announced its intention
Launched in 2019 by Laura Manning, UAE-based homegrown brand BRW Society completes
Dr. Dhananjay Datar Chairman & Managing Director ADIL Trading Co. LLC holds
/ 
In today’s fast-paced retail environment, shopping malls are continually searching for innovative
Times Square Center, located in the vibrant heart of Dubai, stands as
Emaar Properties has announced a mega expansion of Dubai Mall, which will
Empowering women, transforming communities: The rise of female-led businesses in Times Square Center
In its central Dubai location, Times Square Center stands not just as
Dalma Mall is once again set to offer an unforgettable experience to
Arabian Center, launched its eagerly awaited Mall Gift Card, coinciding with the
Deerfields Mall welcomes an enticing lineup of new brands, each adding its
A key community-centered destination in Dubai, Times Square Center is actively championing
Shopping centres are the modern-day agoras, buzzing hubs where commerce meets community.
Attracting over 4 million in footfall, 2023 was a remarkable year for
Three of Majid Al Futtaim’s shopping malls in the region have been
Previous Article
