Feb 23 2006 |
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Siraj Capital, Emaar, DTZ to Form a $500 Million Hotel and Resort Firm in King Abdullah Economic City
Beirut (APD) - The Saudi Arabian General Investment Authority (SAGIA) stated that Emaar Properties, the UK-based real estate adviser DTZ Corporate Finance and Jeddah-based Siraj Capital will establish a $500 million hotel and resort company in King Abdullah Economic City in Rabigh, north of Jeddah, the London-based Asharq al Awsat daily reported Thursday.SAGIA noted that the launching of the new company will take place this Saturday in SAGIA's premises.
The SR 100 Billion ($26.6 billion) King Abdullah Economic City was launched in late December by leading real estate developer company Emaar Properties.
Emaar Properties and another Emirati company will own a 50% stake in the new firm; Aseer Company will have 10%, Savola will hold 5%, Binladen Group will have 5% and the remaining 30% will be offered to Saudi citizens in a public offering.
© APD (Arab Press Digest) 2006
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