UAE’s Eagle Hills, PIF to launch $1.6bln real estate project in Saudi Arabia: Report
Abu Dhabi-based Eagle Hills plans to launch a resort project in Saudi Arabia in partnership with Public Investment Fund (PIF) at an investment of 6 billion Saudi riyals ($1.56 billion), Arabic language daily Asharq Business reported.
The new project will be announced in a month, as procedures are being finalised, Eagle Hills Chairman Mohamed Alabbar said.
Alabbar, founder of Dubai-based Emaar Properties, is also interested in developing new shopping malls and hotels in Saudi Arabia.
The Dubai-listed developer is already working on hotel projects in Riyadh and Mecca.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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