Nakheel establishes new real estate firm

Nakheel has announced a new joint venture that will specialise in selling and leasing property in Dubai. The developer recently signed a letter of intent with Germany-based real estate brokerage company Engel and Völkers (E&V) to create the new company, which will trade under the E&V brand.

The new company expects to open its Dubai office on October 1.

''This exciting joint venture is a natural progression for Nakheel and the Dubai real estate sector. We are delighted to partner with E&V to create this new, unique service,'' said Ali Rashed Lootah, Nakheel Chairman. ''Our strategic partnership is set to redefine real estate services in the emirate as it unites our unrivalled Dubai expertise with the skills, know-how and renowned customer service of one of the world's top brokerage firms.''

Nakheel also said a CEO will be appointed in the coming weeks and some 250 agents will be recruited over the next 12 months.

''This joint venture means that we are tapping into a key market,'' said Christian Völkers, CEO and Founder of E&V AG. ''Dubai is witnessing an enormous growth in population 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.''

Source: Property Weekly


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