Abu Dhabi-based private developer Eagle Hills has launched a $2.5 billion project in Albania, as the company continues to expand its real estate portfolio globally.
The new development in the ancient city of Durres, about 34 kilometres from the capital Tirana, will have 12,000 luxury homes, in addition to a brand new marina for accommodating the largest superyachts in the world, the company said on Tuesday.
Hotels and hotel apartments, retail units, parks as well as a terminal for international cruise liners — the first of its kind on the Albanian coast — will also be part of the Durres Yachts and Marina project.
The company, however, did not provide the construction timeline or how it plans to finance the new development along the Adriatic Sea.
Durres, with a 3,000-year history, is home to the largest port in Albania. The city is also known for ancient archaeological sites — including the famous amphitheatre of the Roman Emperor Hadrian, with 15,000 seats.
“This development is the pinnacle of luxury living, while at the same time bringing immense new investment, infrastructure and long-term growth opportunities to Albania,” said Mohamed Alabbar, chairman of Eagle Hills.
This is a “groundbreaking transformational project that took two years of planning and design by internationally acclaimed architects, engineers, public realm consultants and artists”, he said.
Eagle Hills is currently developing mixed-use projects in a number of countries, including Morocco, Bahrain, Jordan, Serbia and the UAE.
In 2020, the company announced a new residential project at its $1.2 billion Maryam Island waterfront development in Sharjah to boost its portfolio.
Maryam Island is a mixed-use project based in Sharjah’s Al Khan and Al Mamzar districts. In addition to residential units, the island will also have four and five-star hotels, waterfront food and beverage outlets, a souq, cafes and retail units.
The company is also investing in Ethiopia. In 2018, it announced a 360,000-square metre mixed-use development with 4,000 residences in the capital Addis Ababa.
Eagle Hills and Emaar Entertainment also formed a joint venture to develop an aquarium and underwater zoo at Marassi Galleria shopping mall in Bahrain two years ago.
“We are not just opening up the destination for high-end visitors, but we are also creating the Monaco of the Adriatic,” Mr Alabbar said about the new project in Albania.
