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, the private equity firm said on Wednesday.
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 the United 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.
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