The Dubai-based developer Nakheel has signed an agreement with one of Saudi Arabia’s biggest quoted property developers, Saudi Real Estate, to advise it on projects in the kingdom.
The agreement, which will run initially for one year, involves Nakheel providing technical support and advice to Saudi Real Estate, also known as Al Akaria, on matters such as master planning, urban design, construction management and leasing.
The deal is Nakheel’s first venture outside of the UAE, allowing for further diversification of its revenue streams away from a sluggish Dubai residential market following recent attempts to generate more recurring revenue through hospitality and retail expansion.
Al Akaria is a state-backed developer was founded in 1976. To date it has concentrated on projects around the kingdom’s capital, Riyadh. Almost 65 per cent of its shares are still held by the Saudi Arabia’s sovereign wealth fund, the Public Investment Fund.
Its live projects include a 7,000 hectare integrated master development known as Al Wasl planned north-west of Riyadh, and a project known as The Village containing more than 1,100 homes as well as shopping centres, mosques, schools and parks.
Nakheel chairman Ali Rashid Lootah said: “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, the chairman of Al Akaria, added: “Al Akaria is embarking on a large and rapid expansion.”
Mr Almofadhi said: “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.”
Demand for residential property in Saudi Arabia is huge. In January, the kingdom’s newly appointed housing minister, Majed Al Hogail, said that the kingdom was facing a shortfall of 1.5 million homes, adding that this presented opportunities for private developers to invest. The government also introduced a new “white land tax” on empty plots in November to encourage landowners to build more homes.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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