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The MoU intends that Nakheel and The Land Holding will jointly undertake a development project at Waterfront, the world's largest coastal development.
This is the first joint venture between the two developers.
Yousuf Kazim, Managing Director, Nakheel Joint Ventures, said:
'It's been an amazing Cityscape for Nakheel, and we're delighted to be announcing this deal today. Nakheel is changing the map of Dubai with a portfolio of landmark developments. The Land meets the high standards we demand from all of our joint venture partners across project delivery, quality and sustainability.'
Karim Jabbour, CEO, The Land Holding, said:
'The Land is delighted to be breaking new ground in Dubai with such a prestigious and respected developer as Nakheel. The Land is single-minded in its desire to strive for excellence in all our developments and believe that our partnership with Nakheel will enable us to continue delivery of our core values.'
On completion, Waterfront will be twice the size of Hong Kong Island and add an extra 70km to Dubai's coastline.
Sustainability is a core component in every aspect of the development's design and build.
Cityscape Dubai, held on 6-9 October 2008, is the largest business-to-business real estate investment and development event in the world.
Nakheel is a platinum sponsor, and one of the show's largest exhibitors.
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Posted by Eman Hassan
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