Business news

22 Feb 2021

Northern Waterfront project might kick off in Belarus within month

MINSK, 22 February (BelTA) – The Northern Waterfront investment project might be launched within a month, Chairman of the Emaar Properties investment company Mohamed Alabbar told journalists following his meeting with Belarus Prime Minister Roman Golovchenko on 22 February, BelTA has learned.

“Today’s meeting helped us resolve most of the contentious issues. I would like to thank the president and the prime minister for keeping this project high on their agenda, as well as the governments of the UAE and Belarus for their stewardship. The project is expected to kick off in about a month,” Mohamed Alabbar said.

Speaking about investments in the project, he noted that the investments are estimated at several billion euros.

The investor praised Belarus’ decision not to put the economy on hold during the pandemic. “The approaches and assessments applied before the coronavirus pandemic should differ from those applied after. Of course, Belarus’ economy was rated very highly before. The situation in Belarus can be called satisfactory thanks to the decision of the president not to place the economy under lockdown after the start of the pandemic, although this approach was questioned by many. We have to admit that the world economy has slowed down. However, I think highly of the country’s economic model and economic growth rate. I am sure that our investments will give an additional impetus to it,” the investor said.

Mohamed Alabbar dismissed rumors about the participation of the Serbian company Dana Holdings in the Northern Waterfront project. “I have been successfully running investment projects in 14 countries of the world. For 25 years of my work I have amassed sufficient experience in this business. When I enter a new market, I collect information using the services of global consulting companies and lawyers. I also discuss opportunities and prospects with those who have already secured a foothold on this market. We are the largest developer in Serbia and I know the owners of Dana Holdings very well. I would like to say that I approached them on a friendly basis for advice regarding prospects and opportunities in Belarus. However, at the moment we are going to run the Northern Waterfront project on our own, so these rumors are not true,” he explained.

Mohamed Alabbar is a co-owner of large international companies specializing in investments, real estate, hospitality business, electronic commerce, logistics, public catering, design and fashion industry, etc. He inspired the vision of today's Dubai and worked to implement the concept. He is the key advisor for economic and investment affairs for leaders of Abu Dhabi and Dubai.

Emaar Properties is one of the world's largest developers and construction investors. It operates more than 60 subsidiaries in over 35 countries in the Middle East, North Africa, Asia, Europe and North America. It specializes in the hospitality business, retail and entertainment infrastructure, commercial real estate leasing, information and communication technology and various business services, investment and real estate maintenance. Emaar Properties implemented Dubai's largest construction projects, including the world's tallest Burj Khalifa building and one of the world's largest shopping malls, the Dubai Mall. The company is also building King Abdullah Economic City in Saudi Arabia. The project covers 168km2 and includes a seaport, an industrial zone, business, resort and residential areas, educational and medical institutions, and commercial facilities.