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Abu Dhabi’s EIH expands profile with Dh1billion Lamar Residences acquisition
The project features 435 residential units
Spanning an area of 1.3 million square feet, the project features 435 residential units, including 30 villas, with access to a wide range of amenities and entertainment hubs and recreational facilities. — Supplied photo
Ethmar International Holding (EIH Group) announced the acquisition of Lamar Residences, one of the luxury mega projects on Al Raha Beach in the Seef district of Abu Dhabi, with a sales volume of around Dh1 billion, including the shareholders’ returns.
Spanning an area of 1.3 million square feet, the project features 435 residential units, including 30 villas, with access to a wide range of amenities and entertainment hubs and recreational facilities.
EIH has founded and acquired more than 30 successful companies both within the UAE and abroad in five diversified major industries. The latest acquisition has been completed through I Properties, an EIH Group’s real estate subsidiary, in alignment with the groups’ plans to expand and diversify its business scope locally and globally, attract investments in the Gulf, and support efforts to boost the UAE’s real estate sector.
“This acquisition fits within the framework of our multi-objective strategic expansion plan and is in line with a vision that caters to the demands of the local and regional markets. This action reflects our desire to strengthen the group’s position as a prime location for investments and our interest in growing the group’s business and taking advantage of the operational and market capabilities,” Ali El Gebely, managing director and group CEO of EIH Group, said.
“The real estate industry in the UAE has developed greatly as a result of the country’s economic growth, which calls for the creation of numerous large residential and commercial projects and provides us with the chance to make investments and support the national economy. This acquisition demonstrates the consistency of the country’s investment climate and the value of having more high-quality projects,” Al Gebely added.
EIH Group is operating in accordance with an expansion strategy, through which it keeps acquiring in a way that advances its objectives to play a crucial role in supporting the national economy and benefit from the country’s investment climate. It is moving forward with its plans through numerous ground-breaking projects in various industries.
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