Abu Dhabi-based developer Eagle Hills has announced the launch of its new project, 'Riga Waterfront' which aims to develop the waterfront on the Daugava River in Riga, the capital of Latvia. The project's investments exceed €3 billion ($3.3 billion).

 

On completion, it will boast 8,000 designed residential units that can accommodate over 30,000 residents, in addition to a diverse range of hotels with over 1,000 hospitality units, ice-skating rinks, a marina for ships and yachts as well as a shopping centre and public green spaces.

 

The project was announced in the Latvian capital in the presence of Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Ahmed Ali Al Sayegh, Minister of State; Mohamed Al Abbar, Founder and Chairman of Eagle Hills Properties and other top officials and investors from the UAE and Latvia.

 

On the project, Dr Al Zeyoudi said it underscores the deepening partnership between the two countries and identifying Latvia as a key economic and investment partner in the Baltic region. 

 

"Both nations are focused on boosting collaboration in several areas of mutual interest," he stated.

 

Al Sayegh, highlighting the significant advancements in UAE-Latvia relations over recent years, attributed this progress to multiple co-operation agreements designed to create business opportunities in both countries. 

 

The new Emirati-funded project signifies a shared commitment to enhancing collaboration in priority sectors, reflecting the ongoing positive development in their bilateral relationship, he added.

 

On the new waterfront project, Al Abbar said it reflects the strategic vision of developing Latvia and its capital, Riga, to transform it into Europe's new centre. 

 

"The aim is 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 waterfront view," he noted.

 

By leveraging advanced technology, this project sets a pioneering path in sustainability and innovation through smart infrastructure, green practices, intelligent waste management systems, and energy-efficient buildings, all while enhancing the unique lifestyle of the residents, he added.-TradeArabia News Service