Emaar teams with US firm on $2bn Saudi project

TEAMING UP: An artist's impression of KAEC in Saudi Arabia. (Supplied)

Emaar the Economic City has teamed up with US firm Capri Capital Partners to develop a 7.5 billion-riyal ($2 billion) project within King Abdullah Economic City (KAEC) in Saudi Arabia, the company said on Tuesday.

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

Emaar the Economic City, an affiliate of Dubai developer Emaar Properties, 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 a series of "economic cities" the Saudi government is building, has attracted 130 billion riyals of investment so far, the official Saudi Press Agency (SPA) reported last month.

KAEC has six components: a sea port, industrial zone, central business district, resort district, educational zone and residential communities. On completion the city will be home to around two million people.

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