37.8 C
Monday, June 24, 2024

EIH Group acquires luxury beachfront project in Abu Dhabi


UAE – Ethmar International Holding (EIH Group) said it has acquired Lamar Residences, one of the luxury mega-projects on Abu Dhabi’s Al Raha beach, for sales of AED1 billion (272.22 million), including shareholder returns. One hundred million U.S. dollars).

EIH Group said in a statement that the Lamar Residences project, located in the Seef district of the UAE capital, covers an area of ​​1.34 million square feet and will feature four residential buildings, all located on a shared platform at the edge of the Gulf waters.

The project is said to have a total of 435 residential units (including 30 villas), in addition to a range of amenities such as parks and children’s areas. It added that its strategic location provides access to some of the city’s iconic projects and top attractions.

EIH Group said the acquisition had been successfully completed through its real estate arm, I Properties, as part of its global expansion strategy. The move is aimed at diversifying its business portfolio and attracting investment from the Gulf.

Regarding the strategic acquisition, Ali El Gebely, Managing Director and Group CEO, said: “It fits within the framework of our multi-targeted strategic expansion plan and is aligned with our vision to meet local and regional market needs.”

“This action reflects our desire to strengthen the group’s position as a prime location for investment and our interest in growing the group’s business and leveraging its operational and market capabilities,” he added..

Copyright 2022 Al Hilal Publishing and Marketing Group Courtesy of SyndiGate Media Inc. (Syndicate Information).


Source link

Related Articles

UAE : Unlicensed Social Media Influencers in Abu Dhabi Face Dh10,000 Fine Starting July

UAE Social Media Crackdown: Unlicensed Influencers in Abu Dhabi to Face Dh10,000 Fine Starting July Starting from July, social media influencers in Abu Dhabi face...

UAE: Sheikh Mohamed Welcomes Emir of Qatar in Abu Dhabi

UAE: Sheikh Mohamed Welcomes Emir of Qatar in Abu Dhabi Abu Dhabi, UAE – In a significant diplomatic event, Sheikh Mohamed, the leader of the...

UAE Revolutionizes Transportation: Abu Dhabi to Dubai in Just 30 Minutes by Flying Taxis

UAE: Soon, travel from Abu Dhabi to Dubai in just 30 minutes by flying taxis In a groundbreaking development for transportation infrastructure, the United Arab...

Etihad Launches Airbus A380 on Abu Dhabi-New York Route

Etihad Airbus A380 Debut: Transforming the Abu Dhabi-New York Route Etihad Airways, one of the leading airlines in the Middle East, has marked a significant...

Abu Dhabi Islamic Bank Maintains Strong Financial Performance in Q1 2024

Abu Dhabi Islamic Bank Continues Strong Performance in Q1 2024 In the fast-paced realm of global finance, few institutions stand out as consistently as Abu...

Latest Articles