Ethmar International Holding acquires Lamar Residences on Abu Dhabi’s Al Raha Beach

Ethmar International Holding acquires Lamar Residences on Abu Dhabi’s Al Raha Beach

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 around AED 1 billion, 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. Ali El Gebely, MD and 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