DUBAI / WAM
Dubai developer Nakheel signed a memorandum of understanding (MoU) with Saudi Arabiaâ€™s 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 Riyadhâ€™s 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 Kingdomâ€™s urban areas. Despite a $67bn plan in 2011 to build 500,000 homes, Saudi Arabiaâ€™s rents have continued to increases due to shortage of housing units. Under more recent plans, Saudi Arabia intends to spend SR1.5trn on building 1.5 million homes for Saudi nationals in the next seven to eight years, the kingdomâ€™s Housing Minister Majed al-Hogail said on Jan26.