Abu Dhabi Financial Group (ADFG), the UAE-based multi-billion-dollar alternative investment firm primarily focused on financial services and real estate, plans to develop a vast site on the Black Sea in Bulgaria at an investment of over €500 million ($563 million), said a report.

The move comes as part of the Abu Dhabi firm's major push into eastern Europe, reported The National.

The group, which made headlines in London’s property market last year after revealing plans to redevelop New Scotland Yard and No 1 Palace Street, is involved in several projects across Bulgaria, Serbia and Montenegro, stated the report.

The Abu Dhabi group also has franchise rights to develop Hard Rock Cafes in the countries.

ADFG aims to invest around €200 million ($226 million) over the next two years in the Black Sea region, which could rise to as much as €500m by the end of the decade.