Athens Riviera Summit: Business collaboration at the Ellinikon Casino and the role of new technologies in the real estate market
- 20/06/2024
During the Athens Riviera Summit, the significance of business partnerships for joint investments and the synergy of efforts towards common ventures were underscored by Manolis Moustakas, the head of IRC, the company which is investing in the Ellinikon Casino, and Fahad Al Hashem, the Deputy Minister of Investment Development and Minister of Investments of Saudi Arabia.
As the project for the integrated complex of the Casino and hotel in Ellinikon progresses, Manolis Moustakas, leading IRC, the company jointly owned by the two investors for this specific project, GEK Terna and Hard Rock International, spoke about the 1.5 billion euro investment. He placed particular emphasis on the collaboration between investors in the ongoing project, in conjunction with the substantial investment in Ellinikon. Moustakas highlighted the need for risk mitigation in such projects, which he described as being quite high. “We have witnessed numerous instances where the project manager differs from the original investor. However, in the realm of real estate infrastructure, such occurrences are not as common. In the case of the Casino Resort, we have both the operator and the investor. The outcome has been exceedingly satisfactory, rendering the project exceptionally compelling. We are optimizing risk management to ensure its effective oversight from the appropriate perspective. With an operator overseeing the guest experience while GEK Terna and Hard Rock managing the intricate investment and maximizing returns, the project is poised for success.”
The role of artificial intelligence and associated technologies in the real estate market
“Artificial intelligence and its interconnected technologies are poised to play a pivotal role in shaping the real estate market. Countries worldwide are heavily investing in zero-carbon infrastructure and embracing green transition initiatives,” highlighted Fahad Al Hashem during the insightful discussion.
He underscored the potential for collaboration between the two nations across sectors like energy and hospitality. By identifying key opportunities and markets in close proximity, we can cultivate a dynamic investment landscape and foster enhanced partnerships.”
The “smart” cities
“We often hear about the concept of smart cities, and I recently had a discussion about what exactly a smart city entails. A smart city relies on smart calculators to monitor energy consumption, the implementation of systems to improve energy efficiency in homes, and ultimately enhance the quality of life for urban residents. However, there are challenges associated with new technologies, artificial intelligence, and quantum computing. The key issue is how we can upgrade our networks while ensuring cybersecurity. In the event of a cyberattack, how would it impact critical infrastructure like schools? It’s important to approach new technologies with optimism but also exercise caution, especially in areas that significantly impact people’s lives,” emphasized the senior government official from Saudi Arabia.