Ethmar International Holding (EIH Group) has announced its acquisition of the luxury project Lamar Residences, an upscale development situated on Al Raha Beach in Abu Dhabi. The purchase, valued at AED 1B ($272.2M) inclusive of shareholders’ returns, signifies EIH Group’s commitment to expanding its real estate portfolio and attracting investments from the Gulf region.
Lamar Residences spans an impressive area of 1.34 million square feet within Abu Dhabi’s Seef district, offering a breathtaking waterfront location along the Gulf. The luxury project comprises four residential buildings situated on a shared platform.
EIH Group’s Expansion into the Real Estate Sector
EIH Group is an extensive investment conglomerate led by H.H. Sheikh Hamdan bin Mohammed bin Zayed Al Nahyan, whose father is the UAE President Sheikh Mohammed bin Zayed Al Nahyan. With numerous subsidiaries, the group operates in diverse sectors such as real estate, energy, technology, healthcare, sports, and investments. Among its notable holdings are SKYGO, a drone company in collaboration with International Holding Company (IHC), 9Yards, a boutique real estate company, various gas and electricity firms in partnership with IHC, and a security firm.
With a total of 435 residential units, including 30 villas, the development promises an array of amenities such as parks, a kids’ area, and convenient access to nearby luxury landmark projects and popular attractions.
EIH Group’s real estate division, I Properties, successfully completed the acquisition as part of its global expansion strategy. The move strategically positions EIH Group to diversify its business holdings and further strengthen its presence in the UAE market.
On the strategic acquisition, MD & Group CEO Ali El Gebely said: “It 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,” he added.
