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Abu Dhabi’s Al Maabar is set to work on a US$9.7bn project in Greece, which when completed will become the largest mixed-use development in Europe
The company has teamed up with the Latsis Group and Chinese firm, Fosun, to create Global Investment Group, a Luxembourg-based fund which will work with Lamda Development in the development of the former International Airport in Hellenikon, Athens.
The site served as the international airport of Athens, Greece for sixty years up until 2001, when it was replaced by the new Athens International Airport.
The 6.2 million square metre site will be developed over a number of years, with work expecting to begin in 2016. Its built up area of approximately three million square metres will include retail, residential, leisure, hotels and office space. The development offers 3.5 km of coastline and a two million square metres metropolitan park.
“Entering the Greek market is a milestone for us at Al Maabar as we seek to strengthen our reach, broaden our portfolio and develop long-term partnerships.
“Working with our partners, we’re confident that this Hellenikon project will contribute to Athens’ economic growth, bridge cultures and regenerate the surrounding communities,” said Yousif Al Nowais, managing director of Al Maabar.
Al Maabar estimates that up to 30,000 jobs will be created during the development phase, and when complete, 50,000 new jobs are expected to have been created.
"Hellinikon is a transformational project for Greece which will provide substantial impetus for the country’s further development and growth. We are proud to be working with Al Maabar and Fosun in this milestone project that has attracted substantial international interest," said Odysseas Athanasiou, CEO of Lamda Development.