Business news

28 Jun 2021

Mohamed Alabbar: Investment agreement to build Northern Waterfront in Minsk will be signed soon

MINSK, 28 June (BelTA) – An investment agreement on the construction of the Northern Waterfront smart city in Minsk will be signed in the nearest future, Founder & Managing Director of Emaar Properties Mohamed Alabbar told reporters after his meeting with Belarus President Aleksandr Lukashenko on 28 June, BelTA has learned.

Speaking about the project, Mohamed Alabbar noted that a lot of work had already been done. “Various facilities of this project are already at the design stage. We are set to sign the investment agreement on this project within 48 hours and after that we will be ready to start working on the construction site,” the businessman said.

“This is a very complex and large-scale project and we will advertise it all over the world. Therefore, I am looking forward to launching it to be able to start an international marketing campaign,” the businessman added.

The smart city project in Minsk is estimated at €4 billion. The smart city will be located within the boundaries of the Minsk Ring Road, Pobeditelei Avenue, Orlovskaya Street and Tsnyanskoye Reservoir. The complex will include residential buildings with all the necessary engineering and transport infrastructure, social infrastructure facilities and public facilities with a total area of more than six million square meters.

The first to be built will be the International Exhibition Center, the Institute of Artificial Intelligence, the Minsk World Trade Center. In October 2020, Prime Minister Roman Golovchenko and Mohamed Alabbar placed a commemorative capsule at the construction site of the National Exhibition Center.

Mohamed Alabbar is one of the biggest and most successful businessmen of the UAE. He is a developer of the concept of modern Dubai, a key advisor on economic and investment issues of the leaders of Abu Dhabi and Dubai. He is a co-owner of large international companies specializing in e-commerce, catering, fashion and design. His net worth is estimated at $4.6 billion.

Emaar Properties is one of the world’s biggest real estate development companies and investors. It operates more than 60 affiliated companies and is present on more than 35 markets of the Middle East, North Africa, Asia, Europe and North America. It specializes in hospitality business, trade and entertainment infrastructure, commercial rent, IT and other services for business, investment and real estate.

The biggest construction projects of Dubai, including the tallest structure and building in the world Burj Khalifa and one of the largest shopping centers Dubai Mall, were implemented by Emaar Properties. Another ambitious project is the King Abdullah Economic City in Saudi Arabia. The project is estimated to cover 168 square kilometers. It includes a seaport, an industrial zone, business, recreation and apartment zones, educational and healthcare facilities, retail facilities.