US real estate investment firm Capri Capital Partners has signed a deal with Emaar, the Economic City to develop a mixed-use project in King Abdullah Economic City, in Saudi Arabia.
Emaar, the Economic City is the master developer for the city.
Capri's new 200,000 square metre mixed-use project is valued at SR7.5bn ($2bn).
It will include two five-star hotels with 300 rooms each, office towers with a total of 60,000 square metres of office space, a shopping mall and a convention centre.
A third hotel is also planned for the site with 700 to 1,000 rooms.
In June, Emaar, the Economic City awarded a SR83m contract for construction work in the city. The contract covers the construction of two bridges in the Bay Le Sun residential community (MEED 18:6:08).
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