Eagle Hills, a private Abu Dhabi-based property developer, has entered the Ethiopian market with plans for a 360,000 square metre mixed-use scheme in the capital city Addis Ababa, it said on Monday.
“As one of Africa’s hidden gems, Ethiopia is rich in history, culture and natural beauty,” said Mohamed Alabbar, chairman of Eagle Hills and the founder of Dubai-listed developer Emaar Properties.
“Our vision is to bring attention to such locations across the globe … inviting future residents and tourists to consider making new homes for themselves there.”
The project, named La Gare, is named after the city’s former main railway station that took passengers from Addis Ababa to Djibouti.
It will have 4,000 residences once complete, and will also have commercial, hospitality, retail and leisure facilities set around a large park, with a railway line running around its northern edge.
It is located close to Addis Bole International Airport and will feature a social housing component funded by Eagle Hills and the Ethiopian government to house residents currently living on the project site.
La Gare is intended to capitalise on renewed economic growth in Ethiopia. The east African country’s GDP growth is expected to ramp up to 8.5 per cent in 2018/19, according to a statement from the International Monetary Fund in September.
Its government has also succeeded in reducing the external current account deficit to 6.4 per cent of GDP in 2017/18 through policies to constrain public sector imports and borrowing, and tighten monetary policy to contain inflation.
“In addition to creating a brand-new skyline and city centre, La Gare is set to contribute to the local market by creating jobs, further bolstering market sentiment and energising the economy,” Mr Alabbar said.