Eagle Hills Properties Invests $3.25bn to Transform Riga's Waterfront

Eagle Hills Properties, led by founder Mohamed Alabbar, has announced a significant investment of $3.25 billion in a redevelopment project on the Daugava River in Riga, Latvia. The project, named 'Riga Waterfront,' aims to transform a 5km beachfront area into a vibrant hub featuring residential, commercial, and recreational facilities.

The ambitious project will include 8,000 homes, over 1,000 hotel rooms, a cruise terminal, shopping and entertainment facilities, schools, community centers, and green public spaces. Additionally, state-of-the-art waste management systems and energy-efficient buildings will be implemented to promote sustainability.

This investment has the potential to transform Riga's economy and social landscape, making it a significant development in European urban planning. The project's success could lead to increased foreign investment and economic growth in the region.

One of the key attractions for prospective buyers is the opportunity to obtain permanent residency in Riga through an investment of EUR250,000. This investment offers all the benefits as per European Union regulations, making it one of the most competitive residency opportunities in the region.

Mohamed Alabbar, the visionary behind this project, is also known for founding Emaar Properties, the firm responsible for the iconic Burj Khalifa in Dubai. Alabbar envisions creating a harmonious blend of luxury residential buildings, green spaces, and an active community life with a direct view of the waterfront.

*The project reflects the strategic vision of developing Latvia and its capital, Riga, to transform it into Europe's new centre,* said Alabbar. His statement underscores the project's potential to significantly enhance the region's economic and social landscape.

The launch of the Riga Waterfront project also highlights the deepening partnership between the UAE and Latvia. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, noted, *The launch of the 'Riga Waterfront' project underscores the deepening partnership between the UAE and Latvia, identifying Latvia as a key economic and investment partner in the Baltic region.*

In addition to residential units and hotels, the project will feature enchanting ice-skating rinks, a marina for ships and yachts, a shopping center, and public green spaces. The development aims to accommodate over 30,000 residents, creating a bustling new community along the Daugava River.

The Riga Waterfront project is a significant step in Eagle Hills Properties' expansion into Europe. The company recently entered into an agreement with the Hungarian government to develop a mixed-use property project in Budapest, with an initial capital investment of EUR5.8 billion, potentially increasing to EUR10 billion in later phases.

Overall, the Riga Waterfront project represents a major investment in Latvia's capital, aiming to create a new center in Europe and strengthen the partnership between the UAE and Latvia. The development promises to bring substantial economic and social benefits to the region, transforming the old port area into a modern, sustainable community.

Key Takeaways

• Eagle Hills Properties invests $3.25 billion in Riga Waterfront project in Latvia.
• Project includes 8,000 homes, 1,000 hotel rooms, cruise terminal, and green spaces.
• Investment of EUR250,000 offers permanent residency in Riga with EU benefits.
• Project aims to transform Riga's economy and social landscape, boosting foreign investment.
• Riga Waterfront is Eagle Hills' first European project, with more to come in the region.