Ethmar International Holding Acquires Lamar Residences on Al Raha Beach in Abu Dhabi

Abu Dhabi, UAE, 20 June 2023: Ethmar International Holding – EIH Group has announced the acquisition of Lamar Residences, one of the luxury mega projects on Al Raha Beach in the Seef district in Abu Dhabi, with a sales volume of approximately one billion dirhams, including the shareholders’ returns.

The acquisition has 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.

In this occasion, Ali El Gebely, the MD & Group CEO of EIH Group said: “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.”

“The real estate industry in the United Arab Emirates 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.

Spanning an area of 1,345,532 sqft, “Lamar Residences” is one of the latest mega-projects on Al Raha Beach in Abu Dhabi, it features 435 residential units (Including 30 villas), with access to a wide range of amenities and entertainment hubs, with four residential buildings standing on a shared platform on the edge of the Gulf waters, and recreational social facilities including parks and Kids’ areas.

Due to its strategic and important location, which grants access to the city’s best places and attractions, the freehold community project is a brand-new and beautiful landmark inside the capital and a development in Abu Dhabi’s real estate market.

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.