JEDDAH: Emaar, The Economic City (Emaar.E.C.), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has entered into a partnership with Capri Capital Partners (Capri) LLC to develop an SR7.5 billion ($2 billion) mixed-use project in the KAEC. The 200,000 sq m project will feature two luxury five-star hotels, premium office towers, a retail center, condominium towers, and a world-class convention center and adjoining hotel. Capri is currently in negotiations with the parent companies of the Waldorf-Astoria and St. Regis hotels to operate the two luxury hotels. The project was one of the mega-initiatives launched by Custodian of the Two Holy Mosques King Abdullah during his recent visit to KAEC.
Joseph Kilar, chief operating officer, Emaar.E.C., and Quintin E. Primo III, chairman and chief executive officer, Capri Capital Partners, LLC, signed the agreement in Jeddah recently, making Capri the first international real estate investment firm to develop a mixed-use project within KAEC.
Capri’s mixed-use development will feature two luxury full-service hotels each with 300 keys, and a world-class convention center with 25,000 to 30,000 sq m of ballroom and meeting space. A 700- to 1,000-key hotel is also planned. Other components include office towers offering 60,000 to 100,000 sq m of prime commercial space, an enclosed retail center of 40,000 to 60,000 sq m area and two condominium towers offering 300 to 500 residential units. Capri has secured the services of world-renowned international architects for the master planning and design of the development.
Fahd Al-Rasheed, chief executive officer and board member, Emaar. E.C. 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. This extra-ordinary mixed-use development is envisaged as a metropolitan-style commercial, retail, residential and luxury hospitality offering. It will be a landmark destination for the global business community and unique to the entire region. The mixed-use project will increase investment opportunities within KAEC, especially in sectors such as retail and hospitality & leisure.”
Primo said: “It’s exciting to be a part of this venture, as Saudi Arabia begins opening itself to the world. Capri will invest, develop and own this real estate development project through our partnership with Emaar.E.C. and Saudi Arabia. We will create real estate value across the Kingdom and act as a bridge between the United States and Saudi Arabia.”
Kilar said: “Our partnership with Capri will lend momentum to the pace of development of King Abdullah Economic City, while complementing other development initiatives underway.”