Latvia: UAE developer to invest EUR 3bn in Riga’s Andrejsala district

The UAE-based private real estate investment firm, Eagle Hills, plans to invest more than EUR 3bn in the Latvian capital, Riga, over 10-15 years, LSM reports. The company plans to develop an area of around 57 hectares in Riga’s Andrejsala neighbourhood, building more than 6,500 new apartments, outdoor spaces, and a new passenger terminal at the Freeport of Riga. The city’s mayor, Vilnis Kirsis, signed a memorandum of cooperation with Eagle Hills chairman Mohamed Alabbar. Under the agreement, the Riga municipality will cooperate with Eagle Hills on mobility and transport solutions, access to public spaces, and housing and business development.