UAE’S Gulf Capital to invest $267 million in the Saudi property market
Abu Dhabi's Gulf Capital will enter Saudi Arabia's real estate market with a 1 billion riyals ($267 million) investment plan to tap growing demand for residential property in the kingdom.
June 7, 2012 9:37 by Reuters
Gulf Capital will enter the Saudi property market through its Gulf Related unit, which is a joint venture with Related Companies, the largest privately-owned property developer in theUnited States.
The initial development will be a multi-million dollar residential project in the capital,Riyadh, a statement from Gulf Capital said, with the first phase slated to be completed by early 2015.
“We have been studying the Saudi Arabian real estate market extensively and have concluded there is significant demand for residential compounds in Riyadh,” Karim el-Solh, Gulf Capital chief executive said in the statement.
There is a shortage of more than 100,000 residential units for expatriates inRiyadh, while 1.3 million new housing units are needed to meet demand inSaudi Arabiaover the next seven years, he added.
Gulf Related is also developing a retail project inAbu Dhabiin a joint venture with Mubadala Real Estate & Hospitality, a unit ofAbu Dhabigovernment investment vehicle Mubadala.