US-based Capri Capital Partners will develop a world class mixed-use commercial and residential project in the Central Business District of King Abdullah Economic City (KAEC) in Saudi Arabia.
The $2 billion real estate development project will feature two luxury full-service five-star hotels; a world-class convention/conference centre and hotel; two Class-A office towers; an enclosed retail centre and two residential condominium towers, said a statement.
World-renowned architect Ricardo Bofill of Taller de Arquitectura of Spain will design the project on behalf of the partnership. Prime Group, an international development firm based in Chicago, will act as lead developer for the project.
“It’s exciting to be a part of this history as Saudi Arabia begins opening itself up to the world,” said Quintin E Primo III chairman and CEO of Capri Capital Partners.
“Capri will invest, oversee development, and own this major real estate project as we partner with Emaar and the Kingdom of Saudi Arabia. Beyond executing a successful development, our goal is to help create value across strategic sectors of the Saudi Arabian economy using real estate investment as a platform. In addition, Capri seeks to act as a bridge-maker between the United States and the Kingdom, from a business, educational and cultural standpoint,” he said.
“Saudi Arabia is a critical component of our international growth strategy and will serve as the headquarters to Middle East and North Africa markets,” said Rehan Atiq, vice chairman and co-chief executive officer of Capri Global Capital. “The economic fundamentals of Saudi Arabia are as strong as any other world class emerging market. We are delighted to enter the Kingdom through this very prestigious opportunity.”
Capri Capital Partners is one of the country’s leading institutional real estate investment advisory firms, investing and managing commercial real estate properties and portfolios since 1992.
KAEC is the single largest private sector-led project in the region and has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. -Business Wire