Emaar, The Economic City (Emaar.E.C), the company developing King Abdullah Economic City (KAEC), has partnered with US-based Capri Capital Partners to develop an SR7.5 billion ($2 billion) mixed-use project in KAEC.

The 200,000 sq m project will feature two luxury five-star hotels, premium office towers, a retail centre, condominium towers, and a world-class convention centre 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 the 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, 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 centre 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 centre 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 and leisure.”

Primo III 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 the Kingdom of Saudi Arabia. We will create real estate value across the Kingdom and act as a bridge between the United States and Saudi Arabia.”

Capri Capital Partners is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992.  The firm currently manages more than $4.8 billion of commercial property investments.
 
KAEC is the single largest private sector development in the region, and has six zones: the Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort District and Residential Communities. Work is progressing on an accelerated schedule on the first phase, which was launched to overwhelming investor response recently.

The Central Business District features extensive office space and various mixed-use components including waterfront cafes, conference centre hotels and cultural centres apart from 400,000 sq m of retail space. It also has a Financial District anchored by an iconic 125-storey tower, which will be the region’s largest financial nerve-centre, said the statement. - TradeArabia News Service