Business news

29 Jun 2021

Investment contract to build Northern Waterfront complex in Minsk signed

MINSK, 29 June (BelTA) – An investment contract on building the Northern Waterfront complex was signed in Minsk on 29 June, BelTA has learned.

Belarus President Aleksandr Lukashenko had previously signed decree No.186 to authorize the Minsk City Executive Committee to sign this contract on building the experimental multifunctional complex Northern Waterfront with the private company Riverside Development Holdings Limited.

The investment contract was signed by Chairman of the Minsk City Executive Committee Vladimir Kukharev and Managing Director of Emaar Properties (Riverside Development Holdings Limited) Mohamed Alabbar. Vladimir Kukharev said: “We are glad that a famous international investor has come to Minsk to build the large-scale modern complex. The complex is expected to become not only a jewel of the capital city but a point of attraction for international institutions and technologies. We will get useful experience in the course of implementing the project and will provide all kinds of assistance in order to fully realize it and make the complex comfortable and convenient for people. In particular, we intend to connect the place to the rest of the city with a branch of the third metro line.”

Mohamed Alabbar noted that the world is changing and Belarus has to live up to the modern trends. “People here are interested in living amidst modern technologies, design, and infrastructure. The complex we will build will allow citizens to live a full life so that they could shopping, gyms, entertainment places and places where they work. We would like to offer all the best to the people and will implement an unbelievable project for them,” he said.

The Northern Waterfront complex will be located in an area limited by the Minsk ring road, Pobeditelei Avenue, Orlovskaya Street, and Tsnyanskoye Reservoir. The project’s implementation is expected to cost €4 billion. The complex will include residential buildings with all the necessary engineering and transport infrastructure, social facilities, and public amenities with the total area of over 6 million m2. A national expo center, an artificial intelligence institute, and a Minsk center for international trade will also be built as part of the complex. The project is supposed to be implemented in 2021-2040.

Mohamed Alabbar is believed to be one of the biggest and most successful businessmen in the United Arab Emirates. He inspired the vision of today's Dubai and worked to implement the concept. He is also a co-owner of large international companies specializing in online trade, public catering, fashion, and design.

Emaar Properties is one of the world's largest real estate developers and civil engineering investors. The company owns over 60 daughter enterprises and is present in over 35 countries in the Middle East, North Africa, Asia, Europe, and North America. The company specializes in hotel business, trade and entertainment infrastructure, commercial real estate leasing, development of information and communications technologies and services, real estate investments and maintenance.

Dubai's largest civil engineering projects, including the world's tallest building Burj Khalifa and one of the largest shopping centers Dubai Mall, have been implemented by Emaar Properties. Apart from that, the company is busy developing the King Abdullah Economic City in Saudi Arabia. The project occupies 168km2 and comprises a sea port, an industrial zone, a business area, a residential area, and a resort area. It features education and healthcare institutions, retail outlets.