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The megaproject presented at the beginning of January is not the first such project. About a year and a half ago, the ifinanses.lv portal wrote that a Jewish millionaire from Moldova/Romania, Emanuils Grinšpuns, who chose Jurmala as one of his residences, wants to implement an identical project in Andrejsala. The internationally known representative of the Jewish community is also known in our country for building the Jūrmala Synagogue in his private home and for being vice president of Rietumu banka. However, the name Emanuil Grinspun has disappeared from the public presentation of this project and the Jewish millionaire has been replaced by an Arab billionaire.
Arab billionaire in Riga
Arab Emirates billionaire Mohamed Ali Alabbars (second from left) and Riga Mayor Vilnis Ķirsis have signed an agreement on the development of Andrejsala. (Photo: Riga City Council)
On January 10, Riga Mayor Vilnis Ķirsis (“New Unity”) signed a memorandum of cooperation in the development of the Andrejsala district with Mohamed Ali Alabbara, a businessman from the United Arab Emirates and head of the real estate developer company “Eagle Hills.”
Over the next 15 years, more than three billion euros are to be invested in the development project (which is roughly equivalent to Riga’s budget for two years). By signing the memorandum, both parties committed to cooperation in the development of the Andreysala region. Riga Mayor Vilnis Ķirsis stated: “In the strategy of sustainable planning, the Andrejsala district is defined as a strategically important urban development area, whose unique location and value are also appreciated by the investor from the UAE, recognizing it as one of the most promising Urban development opportunities in Northern Europe. That is why Riga places particular emphasis on attracting foreign investors. Riga has the greatest opportunities to attract investments – both in the manufacturing and service sectors and in the development of the urban environment.”
It was announced that the design of the first objects of the project is currently underway, as well as work on the road network and infrastructure, the construction of which is scheduled to begin as early as this year.
North of Belarus
The planned Andrejsala promenade. (Photo: Riga City Council)
Mohamed Ali Alabbar has been in real estate development for just over 30 years and has worked in 16 countries. He once forged close ties with the ruler of Dubai – Sheikh Mohammed bin Rashid Al Maktoum, who became one of his key economic advisors and worked to improve both the development and growth of Dubai’s tourism industry and its global reputation. Mohamed Ali Alabbar also invested in the construction of the tallest building in the world – the 828-meter-tall Khalifa Tower or Burj Khalifa in Dubai, completed in 2010 (it has 163 floors of offices, apartments and a hotel).
About his desire to invest in the capital of Latvia, the Arab billionaire says: “In my experience as a developer, this is a unique place.” My goal, together with local partners, is to give Riga an excellent example of new urban development and at the same time “To preserve the character of this place so that people in Riga have a place to live, work and relax and where guests can also stay and visit the city.”
That he has serious intentions regarding Riga is demonstrated by the fact that he has visited Riga several times in the last three years, both from his walk in the quiet center and from a meal in an elite restaurant in Riga. Latvians may not particularly like the Arab billionaire’s brief explanation to his Emirati acquaintances about where Latvia really is – it is a country “north of Belarus”. Basically, this is not surprising, because Mohamed Ali Alabbar met with the Belarusian dictator Alexander Lukashenko in 2019 to discuss far-reaching plans for investments in the Minsk real estate, construction, agriculture, industry and hotel sectors, it is said in a post on the website of the United Arab Emirates Embassy in Belarus. Now the Arab billionaire is gradually moving north.
Subcenter of the city
Arab Emirates billionaire Mohamed Ali Alabbar signs a declaration of intent in Andrejsala to create the “Dubai of the North”. (Photo: Riga City Council)
The businessman from the United Arab Emirates plans to develop the approximately 57 hectare area of Andrejsala as a multifunctional environment, expand the housing stock by more than 6,500 apartments, build a new passenger terminal in the port of Riga and create numerous opportunities for business and culture offer. Improving outdoor public space and converting Daugava Embankment into a promenade accessible to residents.
The planned projects will be implemented in several rounds over the next 10-15 years, the first of which has already begun. The Riga Metropolitan Municipality will work with the investor on urban priorities such as mobility and transport solutions, public access to outdoor public spaces and Daugavmala, expansion of housing stock and business development.
When asked whether it will cost the Riga budget something or whether tax money from Riga citizens will flow into this large-scale project, the acting head of the external communications department of the Riga City Council Mārtiņš Vilemsons told Jauns.lv:
“The initiative to sign a cooperation memorandum came from an investor and the Riga City Council responded to it, following the general principle that it is very important to attract investments to the city and that the municipality is constantly working on it.” In the cooperation agreement The city has not made any specific commitments, the agreement is of a general nature and at this stage all questions about the development visions of Andrejsala and its surroundings should be asked to the investor.
Andrejosta town signs:
The municipality has decided that the Andrejsala district should develop into a unique and multifunctional commercial, service, residential and important public service area – a sub-center of the city associated with passenger transport by sea, sailing, recreation and the Tourism is connected. The valuable cultural heritage, the water area and the waterfront promenade are used for this purpose, thus promoting the interaction of historical and modern eras.
Questions regarding the implementation of specific projects will be taken into account within the framework of the regulations after an evaluation has been carried out by the responsible municipal authorities.”
Instead of a Jewish millionaire, an Arab billionaire
“Riga Port City” has been talking about the major development plans of Andrejsala and Eksportosta districts since 2006, gradually purchasing land to realize all its intentions. The area of the “Port City of Riga” with an area of about 57 hectares begins on the banks of the Daugava near the Vanši Bridge and also includes the area of the current Riga passenger port, the “Andrejosta” yacht center, Andrejsalu and ends in the southern part of the export port .
In September 2022, an international team of architects led by specialists from the Swiss architectural firm “Hosoya Schaefer Architects” developed the unified concept or master plan for the “Riga Port City” area development project.
At the end of the same year, the news appeared in the media that one of the main developers of Andrejosta, the “Dubai of the North,” will be Emanuils Grinšpuns – “a Moldovan philanthropist of Jewish origin, a world-renowned businessman and …” investor living in the USA, Kazakhstan , Moldova, Latvia and Israel, for example in the food, construction, care, physical health, pharmaceutical, finance and technology sectors. In 2021, he also became a major economic player in Latvia, becoming Vice President of Rietumu Banka. At the same time, articles appeared in foreign media claiming that Emanuel Grinspun’s money was not really “clean” – it was linked to both former US President Donald Trump and Russian oligarch Oleg Deripaska. Now the name of the major investor – the Jew Emanuel Grinspoon – has been changed to the Arab billionaire Mohamed Ali Alabbar.
Unrealized megaprojects in Riga
The Riga Passenger Port is part of the new “North Dubai” landscape. (Photo: Riga City Council)
Time will tell whether the mega-project “Dubai North” comes to fruition. However, it is worth remembering that in the capital of Latvia there were several presentations of megaprojects that remained only on paper. One of them was also associated with the name Einar Schlesser.
In the first decade of the century, the Zaķusala development project was conceived, which was intended to transform this area into a “little Las Vegas”. On the Latvian side, the promoters of this project were Ainārs Šlesers and Viesturs Koziols, but from abroad the Russian show business representative Igors Krutojs and several other businessmen close to the Russian dictator Vladimir Putin, as well as the former US President Donald Trump, who too was not aiming for the White House at this point. This is how the idea of Zaķusala Las Vegas was born, at that time the press wrote that this project was to be implemented for “dirty money”.
Many Riga residents still vividly remember several “excellence projects” that remained only in the folder of good intentions. Here are just a few of them:
* acoustic concert hall at AB Dam;
* Former deputy mayor of Riga, now MEP Andris Ameriks (“Honor to serve Riga”), presented in 2000 the idea of converting Arcadia Park into a large amusement park, similar to Tivoli Park in Copenhagen, the capital of Denmark;
* At the beginning of the 20th century, when the “Socians” were not yet in power, the Riga City Council announced that it had finally been decided – there would not be the entire southern bridge over the Daugava, but the northern bridge. Of course, everything happened the other way around. Instead, the promised ferry between Mangali and Bolderaja also failed to appear;
* The sudden upswing of the Skanste district, which began more than ten years ago, has noticeably “slumped”. After the liquidation of AB.LV Bank and the “demolition” of the Skanstes tram idea, many people are uncertain about the future of Riga’s new business center.
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