Black firm lands $2 billion real estate deal in Saudi Arabia

Posted: June 16, 2008 in success

Capri Capital Goes Global

Lands $2 billion real estate deal in Saudi Arabia

Black Enterprise

June 13, 2008– Capri Capital Partners L.L.C. (No. 4 on the BE ASSET MANAGERS list with $4.48 billion in assets) signed an agreement valued at $2 billion to develop part of the central business district in King Abdullah Economic City (KAEC), Saudi Arabia. The city, which has been in development since 2005, is envisioned as an economic epicenter modeled after Dubai.

According to Quintin E. Primo III, chairman and CEO of Capri Capital, the agreement makes the company the first international real estate investment firm to develop a world-class, mixed-use commercial and residential project in the city. “Saudi Arabia will operate as the starting point for what will be the firm’s expansion in essentially five key markets,” Primo says. He adds that over the next five to seven years, the company will expand into Brazil, Russia, India, China, and into more of Saudi Arabia. “All are major international emerging markets that have significant growth projects and that have bourgeoning middle classes which are driving the growth.” (more…)

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