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Eagle Hills + PIF to line up AED 5.9 bn investment in Saudi resort: Abu Dhabi-based investment firm Eagle Hills is partnering with Saudi Arabia’s Public Investment Fund (PIF) to develop a SAR 6 bn (AED 5.8 bn) hotel resort in the Kingdom, Asharq Business cites Eagle Hills and Emaar Chairman Mohamed Alabbar as saying. The firm is currently finalizing agreements with the wealth fund and plans to disclose the details of the project within a month, Alabbar said on Monday at the Real Estate Future Forum, held in Riyadh.
Emaar to unveil four Address hotels in KSA: Dubai-based Emaar Properties is currently building four hotels under the Address Hotels and Resorts brand in Saudi Arabia, two in Riyadh and the other two in Makkah, according to Alabbar.
And a new KAEC project with PIF: Emaar Properties is also set to establish a new project in collaboration with Saudi’s Public Investment Fund (PIF) in the King Abdullah Economic City (KAEC) in the city of Rabigh, Mubasher reports.
About KAEC: Located 100 km north of Jeddah, the Economic City is currently being developed by Emaar, The Economic City, a subsidiary of Emaar properties. The Saudi government repurposed the area as a special economic zone last year to drive the Kingdom’s industrial growth.
On the UAE front, Alabbar’s firms recently bought large plots of land in Dubai, Alabbar said, adding that he expects that the emirate will run out of land suitable for development in the future.
