Shuaa Capital Plans $1.1 Billion Saudi Real Estate Investment
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June 16 (Bloomberg) -- Shuaa Capital PSC, the United Arab Emirates’ biggest investment bank, plans to inject more than 4 billion riyals ($1.1 billion) into real estate hospitality projects in Saudi Arabia.
Shuaa Capital Saudi Arabia will help finance eight projects in six cities with a 2 billion-riyal property fund, Omar al- Jaroudi, Chief Executive Officer of the Shuaa unit, said in a telephone interview today. Debt financing and pre-sales will cover the remaining 2 billion riyals in project costs, he said.
United Arab Emirates companies are targeting the Arab world’s largest economy as Saudi government spending of $400 billion in the next five years offers investment opportunities. Emaar Properties PJSC, the United Arab Emirates’ largest developer, won a contract last week from Kingdom Holding Co. to manage the development of Kingdom Tower in a 100 billion-riyal project on the Red Sea coast.
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