Dubai's Nakheel and The Land Holding, a Saudi Arabian developer, have signed a memorandum of understanding to form a joint venture company for the development of projects at Waterfront, a Nakheel coastal master-development.
According to Yousuf Kazim, the managing director of Nakheel Joint Ventures, the new company will develop a number of plots of land at Waterfront.
He said the joint venture, which is yet to be named, is currently working on project designs and will announce an investment package shortly.
"We are just in the early stages and are still working out designs, the company name and branding along with the total investment amount," said Mr Kazim.
Mr Kazim added that The Land is already an investor in other Nakheel projects.
"We felt there were various points on which we could work together," he said.
"We've been discussing this partnership for some time now."
On completion, Waterfront will be twice the size of Hong Kong Island and will add an extra 70km to Dubai's coastline.
agiuffrida@thenational.ae
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The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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