Abu Dhabi-based Al Maabar has joined two other international firms to form a joint venture that will develop a 7 billion euros ($9.71 billion) project in Greece, which is set to be the largest mixed-use development in Europe.

Al Maabar, together with the Latsis Group and China's Fosun, will create Global Investment Group, a Luxembourg-based fund which will work with Lamda Development in the development of the former International Airport in Hellenikon, Athens.

The 6.2 million sq m site will be developed over a number of years, with work expected to begin in 2016. Its built up area of approximately 3 million sq m will include retail, residential, leisure, hotels and office space. The development offers 3.5 km of coastline and a 2 million sq m metropolitan park, which will be one of the world’s largest.

Yousif Al Nowais, managing director of Al Maabar, said: “Entering the Greek market is a milestone for us at Al Maabar as we seek to strengthen our reach, broaden our portfolio and develop long-term partnerships.”

He added: “Our business model is designed in a way that we look for opportunities that will ensure sustainable economic benefits for both the development’s host country, and the UAE. Working with our partners, we’re confident that this project will contribute to Athens’ economic growth, bridge cultures and regenerate the surrounding communities.”

Al Maabar estimates that approximately up to 30,000 jobs will be created during the development phase, and when complete, 50,000 new jobs are expected to have been created.

Odysseas Athanasiou, CEO of Lamda Development, said: ‘’Hellinikon is a transformational project for Greece which will provide substantial impetus for the country’s further development and growth. We are proud to be working with Al Maabar and Fosun in this milestone project that has attracted substantial international interest.’’

Al Maabar crafts landmark mixed-use destination developments outside of the UAE. The company’s principal developments are currently based in Jordan and Morocco: MarsaZayed in Aqaba, Jordan; The St. Regis Amman and The Residences at The St. Regis Amman, Jordan; and Bab Al Bahr in the Bouregreg Valley situated between Rabat-Salé, Morocco. - - TradeArabia News Service