Construction

Nakheel forms property joint venture with German firm

CEO for the new Nakheel-EV joint venture will be appointed soon

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Nakheel has inked a deal with Germany-based real estate brokerage company Engel and Völkers (E&V), creating a new joint venture firm in Dubai. ted business activities. The company is expected to commence operations from its new Dubai office 1 October, 2014 onward.

“This exciting joint venture is a natural progression for Nakheel and the Dubai real estate sector,” said Ali Rashed Lootah, chairman of Nakheel. “We are delighted to partner with E&V to create this new, unique service.”

On its part, the founder of Engel & Völkers AG expressed delight at the extension of his business into the booming Dubai market. “This joint venture means that we are tapping into a key market,” Christian Völkers, founder and CEO of E&V said. “Dubai is witnessing an enormous growth in population numbers because of its high quality of life and its geographical location between Europe and Asia.

“That goes hand in hand with a higher demand for top-end property,” he added.

A new company CEO will be appointed soon, and up to 250 agents will be recruited over the next 12 months.

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