Emaar, The Economic City, the Tadawul-listed company developing King Abdullah Economic City (KAEC), yesterday signed a partnership with Chicago-based Capri Capital Partners to develop a $2 billion (Dh7.34bn) mixed-use project in KAEC.
Capri's project will be spread across 200,000 square metres and will feature two luxury five-star hotels, premium office towers, a retail centre, condominium towers, and a world-class convention centre with 25,000 to 30,000 sqm of ballroom and meeting space adjoining the hotel.
Capri is currently in negotiations with the parent companies of the Waldorf-Astoria and St Regis hotels to operate the two luxury hotels in Capri's mixed-use project in KAEC.
"The mixed-use project will increase investment opportunities within KAEC, especially in sectors such as retail and hospitality and leisure," said Fahd Al Rasheed, CEO and Board Member, Emaar EC.
Other components within Capri's mixed-use venture include office towers offering 60,000 to 100,000sqm of prime commercial space, an enclosed retail centre in the range of 40,000 to 60,000 sqm of 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.
Capri Capital Partners is an institutional real estate advisory firm, investing and managing real estate properties and portfolios since 1992. The firm currently manages more than $4.8bn of commercial property investments in the US.