Nakheel and Engel & Volkers to launch new Dubai real estate company

DUBAI: Nakheel, a Dubai major developer, has signed a Letter of Intent (LoI) with Germany-based real estate brokerage company Engel and Volkers (E&V) to create a new company specialising in selling and leasing properties in Dubai.

Nakheel says Trading under the E&V brand, the new joint venture brings together Nakheel s Dubai real estate expertise and E&V s long-standing international brokerage experience, enhancing services to Nakheel s new and existing customers and further expanding its diverse range of property-related business activities. The company expects to open its new Dubai office on 1 October 2014.

Nakheel Chairman Ali Rashed Lootah said, “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. Our strategic partnership is set to redefine real estate services in the emirate as it unites our unrivalled Dubai expertise with the skills, knowhow and renowned customer service of one of the world s top brokerage firms.”

“This joint venture means that we are tapping into a key market. 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,” said Christian Volkers, CEO and Founder of Engel & Volkers AG.

An aggressive recruitment campaign for the new company is already underway, with the aim of appointing a CEO within the coming weeks and some 250 agents over the next 12 months.

SOURCE: WAM