{"id":7482,"date":"2016-03-11T02:23:08","date_gmt":"2016-03-10T19:23:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=7482"},"modified":"2016-03-10T23:32:34","modified_gmt":"2016-03-10T16:32:34","slug":"nakheel-to-advise-major-saudi-property-developer-on-new-schemes","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-to-advise-major-saudi-property-developer-on-new-schemes\/","title":{"rendered":"Nakheel to advise major Saudi property developer on new schemes"},"content":{"rendered":"


\n
\nDubai-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.
\nThe 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 which 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.
\nIts 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 over 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.”
\nAbdulrahman 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.
\nmfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Nakheel to advise major Saudi property developer on new schemes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai-based developer Nakheel has signed an agreement with one of Saudi Arabia’s biggest quoted...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-7482","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1WG","jetpack-related-posts":[{"id":23589,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-nakheel-brings-an-end-to-debt-restructuring-saga-with-dh4-4bn-payment\/","url_meta":{"origin":7482,"position":0},"title":"Dubai developer Nakheel brings an end to debt restructuring saga with Dh4.4bn payment","date":"August 22, 2016","format":false,"excerpt":"\r Nakheel, the developer of Dubai's palm-shaped islands, has repaid an Islamic bond, bringing an end to its debt restructuring saga.The Dubai government-owned company transferred funds to agent Deutsche Bank to cover the Dh4.4 billion sukuk maturing later this month, chairman Ali Rashid Lootah told reporters in Dubai. The securities,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30675,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-nakheel-reports-22-per-cent-rise-in-profit-for-third-quarter\/","url_meta":{"origin":7482,"position":1},"title":"Dubai's Nakheel reports 22 per cent rise in profit for third quarter","date":"October 19, 2016","format":false,"excerpt":"\r The Dubai-based property developer Nakheel said that its profit rose 22 per cent during the third quarter, reflecting what it described as \"stable market conditions.\"Net income for the three months to the end of September hit Dh955m, compared with Dh781m in the same period last year, but down from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":166351,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/westfield-dammam-launches-in-saudi-arabia-as-cenomi-centers-rebrands-nakheel-dammam-mall\/","url_meta":{"origin":7482,"position":2},"title":"Westfield Dammam launches in Saudi Arabia as Cenomi Centers rebrands Nakheel Dammam Mall","date":"December 2, 2025","format":false,"excerpt":"\r Cenomi Centers rebrands Nakheel Dammam Mall as Westfield Dammam, marking first site in Saudi Arabia, Riyadh and Jeddah next The post Westfield Dammam launches in Saudi Arabia as Cenomi Centers rebrands Nakheel Dammam Mall appeared first on Arabian Business: Latest News on the Middle East, Real Estate, Finance, and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/12\/Westfield-Dammam-Saudi-mall-1000x688-1.jpg?fit=1000%2C688&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4879,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-nakheel-targets-chinese-businessmen-with-dragon-mart-expansion\/","url_meta":{"origin":7482,"position":3},"title":"Dubai developer Nakheel targets Chinese businessmen with Dragon Mart expansion","date":"February 16, 2016","format":false,"excerpt":"\r Born in Vienna and educated in India, Sanjay Manchanda is a fellow member of the Institute of Chartered Accountants of India.\r \r Source : South China Morning Post\r Read more...Dubai developer Nakheel targets Chinese businessmen with Dragon Mart expansion","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3597,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-reports-19-full-year-gain-despite-fall-in-q4-profit\/","url_meta":{"origin":7482,"position":4},"title":"Nakheel reports 19% full-year gain despite fall in Q4 profit","date":"February 4, 2016","format":false,"excerpt":"\r \r Fourth-quarter profit at the Dubai developer Nakheel fell by 28.7 per cent, company figures show, as Dubai's housing market continued to slow.According to figures provided by Nakheel, profit for the three months to the end of December 2015 fell to Dh770 million from Dh1.08 billion a year earlier.Nakheel,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":129034,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/palm-jumeirah-developer-nakheel-unveils-masterplan-for-dubai-islands-another-one-of-the-uaes-man-made-wonders\/","url_meta":{"origin":7482,"position":5},"title":"Palm Jumeirah developer Nakheel unveils masterplan for Dubai Islands \u2013 another one of the UAE\u2019s man-made wonders","date":"August 22, 2022","format":false,"excerpt":"\r The five-island development, formerly called Deira Islands, aligns with the UAE\u2019s ongoing push to be a global destination of choice for residents and investors\r \r Source : arabianbusiness.com\r Read more...Palm Jumeirah developer Nakheel unveils masterplan for Dubai Islands \u2013 another one of the UAE\u2019s man-made wonders","rel":"","context":"In "Property 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