Capri Capital Partners LLC has inked a deal to develop a $2 billion mixed-use project in Saudi Arabia's new city, King Abdullah Economic City (KAEC). The Chicago-based company has partnered with Emaar, The Economic City Inc., a division of Dubai, UAE-based Emaar Properties, one of largest developers in the Middle East.
Capri Capital is the first international real estate firm to invest in Saudi Arabia, says a company spokesman. It is working directly with the Saudi Arabian General Investment Authority, an economic development group. Capri cofounder Quintin E. Primo III recently went to Saudi Arabia to announce the deal. Situated in KAEC's central business district, the new mixed-use project will feature two five-star hotels, a convention center and hotel, two class-A office towers, an enclosed retail center and two residential condominium towers. Prime Group, an international development firm based in Chicago, will act as lead developer for the project, while Ricardo Bofill of Taller de Arquitectura of Barcelona, Spain, will design the project.
Rehan Atiq, vice chairman and co-CEO of Capri Global Capital, says Saudi Arabia is a critical component of the firm's international growth strategy. The kingdom will serve as the company's headquarters for the Middle East and North Africa.
Located in western Saudi Arabia, KAEC is the single largest private sector-led project in the Middle East.