Abu Dhabi real estate deal: Lamar Residences bought by Ethmar Group

Image: Tanami Properties

Ethmar International Holding (EIH Group) announced that it had acquired Lamar Residences, a luxury development on Al Raha Beach.

The real estate mega project is located in the Seef district in Abu Dhabi, with a sales volume at Dhs1bn, including shareholder returns, said the company in its statement.

The acquisition was completed through I Properties, an EIH Group subsidiary.

Ethmar International Holding – EIH Group P.J.S.C has acquired Lamar Complex, one of the luxury mega projects on Al Raha Beach in the Seef district in Abu Dhabi, with a sales volume of approximately one billion dirhams, including the shareholders’ returns. pic.twitter.com/HKomJcXFv9

— Ethmar International Holding (@Ethmarholdings) June 20, 2023

Lamar Residences

The acquisition of Lamar Residences is part of the group’s expansion plans. EIH Group is looking to diversify its business scope locally and globally, attract investments in the Gulf, and support efforts to boost the UAE’s real estate sector.

Ali El Gebely, MD and Group CEO of EIH Group, said, “This acquisition fits within the framework of our multi-objective strategic expansion plan and is in line with a vision that caters to the demands of the local and regional markets. This action reflects our desire to strengthen the group’s position as a prime location for investments and our interest in growing the group’s business and taking advantage of the operational and market capabilities.”

Lamar Residences is a large-scale residential project located on Al Raha Beach in Abu Dhabi. Spread across 1.34 million square feet area, it has four residential buildings situated on a shared waterfront platform, comprising 435 residential units, including 30 villas. The project provides access to amenities such as entertainment hubs, parks, and dedicated children’s areas.

“The real estate industry in the United Arab Emirates has developed greatly as a result of the country’s economic growth, which calls for the creation of numerous large residential and commercial projects and provides us with the chance to make investments and support the national economy. This acquisition demonstrates the consistency of the country’s investment climate and the value of having more high-quality projects,” Al Gebely added.

Ethmar International Holding

The EIH Group is an investment vehicle with dozens of subsidiaries. These subsidiaries span real estate, energy, technology, health care, sports, and investment sectors, and is chaired by Sheikh Hamdan bin Mohammed bin Zayed Al Nahyan, whose father is the UAE President Sheikh Mohammed bin Zayed Al Nahyan.

Its holdings include SKYGO, a drone company in partnership with International Holding Company (IHC), boutique real estate company 9Yards, a number of gas and electricity firms with IHC, and a security firm.