The UAE Foreign Minister declared on Tuesday the launch of a $9.75B investment project in Greece which will include the rebuilding of a former Athens airport.
The Al Maabar International Investment in Abu Dhabi will implement the multi-phase scheme and is expected, when completed, to produce over 50,000 job opportunities. The project is anticipated to commence in 2016.
The 6.2 million square meter site will be developed for a number of years with its built up area measuring approximately 3m sqm having retail, residential, leisure, hotel, and office spaces, and will also offer a 3.5km coastline and a 2m sqm metropolitan park, which will target as the world’s largest.
The Abu Dhabi Investment Council made a bid to obtain the luxurious Astir Palace Resort in Athens and that a framework agreement would be signed by two parties, Abu Dhabi National Energy Company and Greece’s Terna Energy, to probe into potential investment opportunities in the energy zone of Greece.
The UAE was very enthused to upheave and strengthen economic and investment ties and trade relations with Greece. Moreover, having Greece as one of the major partners of UAE, applicable concepts and results that could help in eradicating any perceived obstacles interfering with the progress of the bond made were presented in their second meeting.