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U.A.E. Announces 7 Billion-Euro Athens Project With Greece

May 6 (Bloomberg) -- The United Arab Emirates said one of its companies will develop the site of Athens’ old airport in a project costing more than 7 billion euros ($9.8 billion).

The mixed-use development will create more than 50,000 jobs, the U.A.E.’s state-run WAM news agency reported, citing Foreign Minister Sheikh Abdullah Bin Zayed. The site will be developed by Abu Dhabi-based Al Maabar International Investment.

Al Maabar said it’ll partner with Latsis Group and Fosun to form a venture called Global Investment Group to develop the site with Lamda Development SA.

State-run Abu Dhabi Investment Council also offered to buy the Astir Palace resort in Athens, WAM reported, while Abu Dhabi National Energy Co. and Terna Energy signed a framework agreement to explore investment opportunities.

The U.A.E. is the second-biggest Arab economy and a member of the Organization of Petroleum Exporting Countries.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editors responsible for this story: Andrew J. Barden at barden@bloomberg.net Shaji Mathew, Claudia Maedler

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