Abu Dhabi Firm Signs Deal To Develop $9.7bn Project In Greece

Abu Dhabi-based firm Al Maabar has announced a 7 billion Euro ($9.7 billion) investment project in Greece, which will include the development of the former international airport in Hellenikon, Athens.

Al Maabar has partnered with the Latsis Group and Chinese firm, Fosun, to create Global Investment Group, a Luxembourg-based fund, that will develop the project in association with Lamda Development, official news agency WAM reported.

The project, announced on the sidelines of an official state visit by UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan to Greece, is set to become the “largest mixed-use development” in Europe, the report added.

The project, spread across 6.2 million sqm, will include approximately 3 million sqm of built-up area comprising retail, residential, leisure, hotels and office space. The development will also offer 3.5km of coastline and a 2 million sqm metropolitan park, the report said.

Work is expected to begin in 2016.

Al Maabar estimates that around 30,000 jobs will be created during the development phase of the project, with 50,000 new jobs expected when it’s complete.

Yousif Al Nowais, managing director of Al Maabar said: “Entering the Greek market is a milestone for us at Al Maabar as we seek to strengthen our reach, broaden our portfolio and develop long-term partnerships.”

During Sheikh Abdullah’s visit, the Abu Dhabi Investment Council also announced that it had offered a bid to acquire the Astir Palace Resort in Athens, with plans for a redevelopment.

The redevelopment of the project covers 300,000 sqm on the Vouliagmeni peninsula and will involve three hotels and a yacht marina.

The final deal price is estimated at 400 million Euros and the projected gross investment is 570 million Euros with annual average revenue of 25 per cent over five years, WAM reported.

An exit deal will follow, it added.