High-profile developer invests in Belarus


Vadim Poleschuk, Senior Associate

Marina Makarchuk, Senior Associate

At the beginning of October 2020, it was announced that Emaar Properties, a property developer headquartered in Dubai, will launch a major investment project in Belarus called the Northern Shore. Emaar Properties plans to develop more than 900 hectares in the northern part of Minsk – the capital of Belarus. It is expected that the investor will build residential housing, an exhibition center, an international trade center, office buildings, an IT university, and other commercial real estate.

The symbolic ceremony to break ground for the construction of the Belarusian national exhibition center took place on 2 October 2020 and was attended by the Prime Minister of Belarus. The national exhibition center is the first part of the Northern Shore. The investor is confident that the first facility will be finished in less than a year and a half.

Later, the President of Belarus approved the allocation of the land plot to the investor. It is located in the northern part of Minsk with an area of 1,040 hectares previously included in the farmland reserve.

The total amount of direct investments is reported to be approximately EUR 4 billion.

Emaar Properties is one of the world's largest real estate developers and civil engineering investors. The company has over 60 subsidiaries and is present in over 30 countries in the Middle East, North Africa, Asia, Europe, and North America. The company specializes in the hotel business, trade and entertainment infrastructure, commercial real estate leasing, the development of information and communications technologies and services, real estate investments and maintenance. Notably, Dubai's largest civil engineering projects, including the Burj Khalifa (the world's tallest building) and Dubai Mall (one of the largest shopping centers), have been developed by Emaar Properties.