Eagle Hills, a property development company based in Abu Dhabi, United Arab Emirates, announced a significant expansion into Europe with a €3 billion (USD 3. 25 billion) investment in Riga, Latvia. The project, known as "Riga Waterfront, " involves the redevelopment of a 5-kilometer stretch of beachfront property along the Daugava River in Riga's old port area.
The ambitious project promises to transform the Riga waterfront into a vibrant hub, boasting a mix of luxurious residential units (8, 000 homes), a lavish hotel complex with 1, 000 rooms, a state-of-the-art cruise terminal, and extensive shopping and entertainment facilities. Eagle Hills envisions the development fostering a harmonious blend of upscale living spaces, green public areas, and an active community atmosphere, all set against the backdrop of the stunning Riga waterfront.
The project is particularly enticing for international investors seeking European residency. With a minimum investment of €250, 000 in Riga Waterfront, prospective buyers can secure permanent residency in Latvia, granting them all the advantages associated with European Union membership. This residency program positions Riga Waterfront as a highly competitive investment opportunity within the region.
Eagle Hills' expansion into Latvia reflects a growing trend of UAE companies seeking international ventures. The company, known for its luxurious developments in Dubai, is leveraging its expertise and resources to establish a presence in the European market. This significant investment in Riga not only presents a lucrative opportunity for Eagle Hills but also serves to bolster Latvia's profile as a destination for international investment and tourism.
The Riga Waterfront project is expected to have a substantial impact on the Latvian capital. The development is projected to create significant job opportunities during the construction phase and beyond. Additionally, the influx of residents and tourists drawn to the project is anticipated to contribute to Riga's economic growth and cultural vibrancy.
While specific details regarding the project timeline have not yet been disclosed, Eagle Hills' commitment to the Riga Waterfront development signifies a major milestone for the company's European ambitions and Latvia's economic aspirations. The project has the potential to reshape Riga's waterfront, transforming it into a thriving destination that blends luxurious amenities with a commitment to fostering a dynamic and welcoming community.