Emaar And Capri Set To Develop Sr7.5 Billion Mixed-Use Project

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 mixed-use project in the KAEC.The 200,000 square metres project will feature two luxury five-star hotels, premium office towers, a retail center, 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 Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz 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, according to information made available to Khaleej Times here yesterday. Our partnership with Capri will lend momentum to the pace of development of King Abdullah Economic City, while complementing other development initiatives underway,” commented Kilar.

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,” saidFahd Al Rasheed, chief executive officer and board member, Emaar E.C. 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,” he added.