Dubai-based developer Nakheel will provide technical support to Saudi Arabia 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 provide services including master planning, design, construction management, mall design and management, hospitality projects and leasing.
Abdulrahman Almofadhi, chairperson of Al Akaria, 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, and have every confidence in its ability to help us deliver.”
Among the new projects is a 7,000 hectare integrated master development comprising thousands of units, Al Wasl, located north-west of the Riyadh.
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.