Dubai-based real estate developer Nakheel has signed a joint venture agreement with the global, Germany-based premium real estate brokerage firm Engel & Völkers (E&V) to create a new company specialising in selling and leasing properties in Dubai, UAE.

The agreement follows a letter of intent, signed between the two companies in 2014, to seek global opportunities by bringing together Nakheel’s Dubai real estate expertise and Engel & Völkers’ long-standing international brokerage experience and network.

The joint venture has created a new company that will operate under the Engel & Völkers brand, said a statement from Nakheel.

Engel & Völkers is currently represented with more than 600 offices based in 38 countries spanning five continents, through which Nakheel will be able to market its properties to more than 500 locations worldwide and benefit from exposure to a new international clientele.

In turn, Engel & Völkers shops can refer interested buyers to the joint venture in Dubai, leading to extensive cross-selling opportunities.

The company expects to open its new, 850-sq-m Dubai Market Centre (MC), based at Nakheel’s head office, in the first quarter of 2015. The MC brokerage platform is tailored to work in an international metropolis like Dubai and envisages employing 250 members of staff.

A forceful recruitment campaign for the new company is already under way, the statement added.

On the new venture, Nakheel chairman Ali Rashed Lootah said: "This exciting joint venture is a natural progression for both Nakheel and the Dubai real estate sector. We are delighted to partner with E&V to create this new company, which will allow us to tap into new markets and give investors worldwide the opportunity to become part of the ever-evolving emirate of Dubai."

"Our partnership unites our Dubai expertise with the skills, knowledge and renowned customer service of one of the world’s top brokerage firms," he noted.

Sven Odia, the CEO of Engel & Völkers, said: “We are extremely pleased to partner with Nakheel to offer mutual services on the fast-growing real estate market of Dubai. Engel & Völkers is a strong and well-known brand. For a strategic partnership, we were looking to join forces with an equally strong brand with a large market share."

"The joint venture agreement with Nakheel paves the way to create a business that will provide significant benefit to its customers in the emirate," he added.-TradeArabia News Service