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Nakheel to set up real estate brokerage JV

Developer agrees deal with German specialist Engel and Völkers

NEWS, Business

Dubai-based master developer Nakheel said on Wednesday it has signed a letter of intent with German real estate brokerage company Engel and Völkers to create a new company specialising in selling and leasing properties in Dubai.

Trading under the E&V brand, the new joint venture expects to open its new Dubai office on October 1, Nakheel said in a statement.

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."

Nakheel said the new company aims to brings together its Dubai real estate expertise and E&V's international brokerage experience to enhance services to Nakheel's new and existing customers.

Christian Völkers, CEO and founder of Engel & Völkers, said: "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."

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



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