(MENAFN) Abu Dhabi-based Gulf Capital plans to invest USD267 million in Saudi Arabia's real estate market, as it seeks to tap into the growing demand for residential property in the world's top crude oil exporter, Reuters reported.
The company said that it will enter the Saudi property market through its Gulf Related unit, through a joint venture with Related Companies, the largest privately-owned property developer in the US.
Gulf Capital also said that it will debut investments with a multi-million dollar residential development in Riyadh, with the first phase to be finished by early 2015.
According CEO Karim el-Solh, there is a shortage of more than 100,000 homes for expatriates in Riyadh, while 1.3 million new residential units are needed to meet demand in Saudi Arabia over the next seven years.
Gulf Related is also developing a retail project in Abu Dhabi in a joint venture with Mubadala Real Estate & Hospitality, a unit of Abu Dhabi government investment vehicle Mubadala.