Business | Property

Emaar firm and Capri sign Saudi deal

Emaar, The Economic City has partnered with Capri Capital Partners (Capri) to develop a 7.5 billion riyal ($2 billion) mixed-use project in King Abdullah Economic City.

  • Staff Report
  • Published: 00:08 July 2, 2008
  • Gulf News

Dubai: Emaar, The Economic City has partnered with Capri Capital Partners (Capri) to develop a 7.5 billion riyal ($2 billion) mixed-use project in King Abdullah Economic City.

The 200,000 square metre project will feature two five-star hotels, office towers, a retail centre, condominium towers, and a convention centre.

Capri is currently in negotiations with the parent companies of the Waldorf-Astoria and St Regis hotels to operate the two hotels. The project was one of the initiatives launched by King Abdullah Bin Abdul Aziz during his recent visit to King Abdullah Economic City.

Joseph Kilar, chief operating Officer of Emaar, The Economic City, and Quintin E Primo III, chairman and chief executive of Capri Capital Partners, signed the agreement in Jeddah recently, making Capri the first international real estate investment firm to develop a mixed-use project within King Abdullah Economic City.

Capri's mixed-use development will feature two hotels each with 300 keys, and a convention centre with 25,000 to 30,000 sq m of ballroom and meeting space.

Fahd Al Rasheed, chief executive and board member of Emaar, The Economic City, said: "The partnership with Capri, one of the world's leading real estate firms with several prestigious projects to their credit, reiterates KAEC's status as a global investment destination hub."

The partnership with Capri reiterates King Abdullah Economic City's status as a global investment destination hub."

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