UAE’s Eagle Hills expands global reach with EUR3bn Latvian project

Abu Dhabi-based developer Eagle Hills Properties Said on Thursday that it will invest $3.25bn (EUR3bn) to redevelop a beachfront on the Daugava River in Riga, Latvia, as it pushes deeper into Europe.

The “Riga Waterfront” project consists of 8,000 homes, 1,000 hotel rooms, a cruise terminal, and shopping and entertainment facilities on a 5km stretch in the old port area in Riga.

The project will also include schools, community centres, and green public spaces, all equipped with state-of-the-art waste management systems and energy-efficient buildings to promote sustainability, Eagle Hills said in a statement.

“The site of the old power station, which is a key component of Riga’s history and a cultural landmark, is being transformed into a vibrant commercial centre,” the developer said, adding that it is part of its strategy to revive the city’s heritage site.

Prospective buyers in this project can obtain permanent residency in Riga, with all the benefits as per European Union regulations, through an investment of EUR250,000, making it one of the most competitive opportunities in the region.

Mohamed Alabbar, the founder and chair of Eagle Hills said the project aims to turn the site into a vibrant hub that offers a harmonious blend of luxury residential buildings, green spaces, and an active community life with a direct view of the waterfront.

Alabbar is also the founder of Emaar Properties – the firm that built the world’s tallest tower in Dubai, Burj Khalifa.

Earlier in March, the UAE and Hungary signed a deal to develop a mixed-use property project in Budapest with an initial capital investment of EUR5.8bn, which may increase to EUR10bn in later phases. Eagle Hills partnered with the Hungarian government to develop the derelict site, owned by the country’s state railways, in the northwest of the capital.

The developer is investing $2.5bn in Albania to build a 12,000-home development. Last year, the firm bought Suncani Hvar, a hotel group in Croatia, for an undisclosed sum.

Read: Mohamed Alabbar confirms participation in Budapest project