Abu Dhabi firm, Eagle Hills has launched a massive integrated community development project, La Gare in Ethiopia. La Gare will cover 360,000 sq km of the Ethiopian capital, Addis Ababa and would include multi-star hotels, leisure outlets, commercial units, and 4000 homes.
The estimated value of La Gare is $2 billion and the Ethiopian government is reported to hold a 27% share in the project. According to the Ethiopian Prime Minister, Abiy Ahmed, Eagle Hills has set aside an additional budget of $68 million for 1600 households that would be uprooted during the development process. To avoid displacement, a social housing component has been promised to the current residents.
The partnership is likely to accelerate the rate of Ethiopian development. Reportedly, apart from creating a new city center, La Gare would also lead to an increase of approximately 25,000 jobs.
The project is said to finish its first phase of development, mainly the construction of malls, in three years. The overall estimated time for project completion is reported to be seven years.