Nakheel and Al-Akaria sign a memorandum of understanding (MoU) to develop projects in Riyadh
Dubai developer Nakheel has signed a memorandum of understanding (MoU) with Saudi Arabias Al-Akaria to develop a range of new mixed-use projects in Riyadh.
The two companies signed an agreement which will see Nakheel provide services ranging from master planning, design, construction management, and mall design and management, according to a company statement.
Upcoming developments under Al-Akaria include The Village in Riyadhs diplomatic quarter as well as a new gated community with 1,100 residential units, mosques, schools, shopping centres and parks
According to government statistics, there are currently 750,000 families eligible for public housing in the Kingdoms urban areas. Despite a $67bn plan in 2011 to build 500,000 homes over several years, Saudi Arabias rents have continued to increases due to shortage of housing units.
Under more recent plans, Saudi Arabia intends to spend SR1.5 trillion ($400bn) on building 1.5 million homes for Saudi nationals in the next seven to eight years, the kingdoms Housing Minister Majed al-Hogail said on 26 January.
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