Neighbours [Blog]

€3 Billion Arab Investment To Transform Riga's Riverside

Riga's Andrejsala neighbourhood is set for a major upgrade with over 3 billion euro investment from UAE-based developer, Eagle Hills.
Abu-Dhabi investment and development firm, Eagle Hills, known for its expertise in large-scale urban projects, has decided to invest in Riga's waterfront neighbourhood Andrejsala, considering it one of the most promising development areas in Northern Europe.

This investment was formalized on January 10th, 2024, with a memorandum signed by Riga City Council Chairman Vilnis Kirsis and Mohamed Ali Alabbar, a UAE businessman and head of Eagle Hills.
In explaining his choice, Mohamed Ali Alabbar stated:
"Riga deserves a truly great waterfront development: its own Nordhavn like in Copenhagen, and a HafenCity like in Hamburg. The city is a metropolis of the North, situated on the banks of a river and at a sea coast. I have worked in real estate development for 30 years and in 16 countries. And my experience as such suggests that this is a unique place."
The ambitious project envisions transforming the 57-hectare area into a multifunctional space, including over 6,500 new apartments and a modern passenger terminal at Riga's seaport.

It seeks to create a dynamic hub that blends business, residential, and leisure activities with the area's maritime heritage.
Eagle Hills plans to enhance public outdoor spaces and the Daugava river waterfront, making them more accessible to residents and visitors.

The development aligns with Riga's sustainable planning strategy, recognizing Andrejsala's unique location near the UNESCO World Heritage Site of Riga's historic centre.

This large-scale development is expected to unfold over the next 10-15 years, marking a significant phase in Riga's urban evolution.

This initiative is expected to have a positive impact on the local economy and elevate Riga's status as a desirable location for international investment.
2024-01-25 18:29