Emaar teams with US's Capri Capital Partners in Saudi Arabia

Dubai-based developer Emaar is to team up with US real estate investment company Capri Capital Partners to develop a SAR 7.5 billion (US$ 2 billion) project within Saudi Arabia's King Abdullah Economic City (KAEC), according to a statement on its website.

The 20 ha mixed-use project will include two five-star hotels, office and residential towers, a retail centre, and a convention centre and adjoining hotel, said the company.

Emaar the Economic City said Capri was in negotiations with the parent companies of the Waldorf-Astoria and St. Regis hotels to operate the two hotels.

KAEC, the most prominent of the five "economic cities" the Saudi government is constructed, has attracted SAR 130 billion (US$ 34.7 billion) of investment so far, the official Saudi Press Agency (SPA) reported last month.

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. On completion the city will be home to around two million people.

The Central Business District will feature office space and various "mixed-use components", including waterfront cafes, conference centre hotels and cultural centres apart from 400000 m2 of retail space. It also has a Financial District, which will be "anchored" by an "iconic" 125-storey tower.