By Staff Reporter
UAE real estate developer Eagle Hills, led by Mohamed Alabbar, has announced the launch of the ambitious ‘Riga Waterfront’ project, set to transform the waterfront along the Daugava River in Riga, Latvia. This development, strategically located at the intersection of Riga’s UNESCO-recognised historic center and its charming Art Nouveau district, aims to redefine urban living in the city.
The Visionary Behind ‘Riga Waterfront’
Emirati businessman Mohamed Alabbar is no new name for netizens in the Middle East. As a real-estate enthusiast, he has played a crucial role in Dubai’s development across various sectors, including hospitality, e-commerce, and technology. His impressive portfolio of investments and accomplishments extends both regionally and globally. Alabbar is a driving force behind notable projects such as the world’s tallest tower and major tourist attraction, the Burj Khalifa, the waterfront development Dubai Marina, and the iconic Downtown Dubai, which features the Dubai Mall.
Alabbar, also the Founder and Chairman of Eagle Hills Properties, is the visionary driving the Riga Waterfront project. His strategic vision focuses on the development and revitalisation of Latvia and its capital, Riga, aiming to position the city as a new center of Europe. According to Alabbar, the latest project reflects this strategic vision, blending luxury residential buildings, green spaces, and a vibrant community life, all with direct views of the waterfront.
With a steadfast dedication to revitalising Riga’s waterfront, Alabbar seeks to ignite sustainable economic growth while fostering a sense of community pride and engagement. The substantial €3bn ($3.3 billion) investment highlights the magnitude of Alabbar’s vision and the project’s potential to reshape Latvia’s development landscape.
However, beyond the impressive financial commitment, Alabbar is motivated by a profound sense of purpose – to establish a legacy of social and cultural enrichment that will endure for generations.
A Look Into the Project
Riga occupies a prime location where the majestic Daugava River meets the Baltic Sea, making it a historically significant hub for trade in Europe. Stretching over 5 km along the Daugava River, Riga Waterfront is set to transform the city’s skyline and establish a vibrant new waterfront district. This extensive development will include a blend of residential, commercial, and recreational spaces, all seamlessly integrated into the existing urban landscape.
A major highlight of Riga Waterfront is its residential component, featuring over 8,000 thoughtfully designed units, accommodating over 30,000 residents. These homes will accommodate a variety of lifestyles and preferences, offering stunning panoramic views of the river and the city beyond. This significant investment underscores Eagle Hills’ commitment to creating a vibrant, modern community that integrates seamlessly with Riga’s historical fabric.
EU Residency Through Investment
One of the most compelling aspects of the Riga Waterfront project is the opportunity for prospective buyers to obtain permanent residency in Riga, Latvia. Through an investment of €250,000 ($271,000), buyers can enjoy all the benefits in accordance with European Union regulations.
Initiatives for affordable housing and social programs will guarantee that residents from diverse backgrounds have access to the opportunities and amenities provided by the development. This makes Riga Waterfront one of the most competitive opportunities for securing EU residency, adding significant value to the investment.
Luxurious Living and Leisure
Riga Waterfront is envisioned as a premier destination for living, leisure, and sophistication. The project includes a diverse range of luxury hotels with over 1,000 hospitality units, enchanting ice-skating rinks, a marina for ships and yachts, a shopping center, and expansive public green spaces. These amenities set new standards for luxury and convenience, making Riga Waterfront a desirable destination for residents and visitors alike.
In addition to luxury living, the Riga Waterfront project emphasises education and community. Advanced schools, community centers, and carefully designed green public spaces foster a sense of belonging, innovation, and well-being. The project leverages the latest technological advancements to create a harmonious blend of education and living experiences infused with luxury.
A New Era for Riga
Riga Waterfront represents a new era for Riga, combining its rich historical heritage with a modern, comfortable lifestyle. Alabbar’s visionary leadership and Eagle Hills’ significant investment are set to transform the city into a vibrant hub of luxury, innovation, and community. As the project progresses, Riga is poised to become a new center of Europe, offering unmatched living experiences and competitive opportunities for EU residency.
