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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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