Olayan: How Saudi billionaires invest in the southern suburbs
The profile of the Arabic group Olayan, whose headquarters is located in the domed building on Poseidon Avenue in Glyfada, the strong ties with Greece and the group's two investments in the south suburbs of Athens.
- 29/05/2023
There is a strong interest in investments in Greece and specifically in the southern suburbs. Much of this interest is related to the Arab family that has been living in Greece for decades, the creator of the Olayan group.
Olayan: The group’s developments in the southern suburbs
The development of Plaza B of Voula
Athens Beach Club S.A., a subsidiary of the TEMES Group, in which, as mentioned above, the Olayan Group holds a 25% stake, has undertaken to develop the 150 acres, which include the B’ Plaza and the Voula camping site and which have remained unused for years.
Among the company’s plans is the creation of a private club on 17 acres of land, which is intended for the exclusive use of Hilton customers. It is also planned to create a family zone on an area of 40 acres, while the remaining 24 acres will be allocated for the creation of a sports zone. Two restaurants, three refreshment areas, playgrounds and sports facilities are also expected to be opened in the B Plaza.
The two five-star hotels in The Ellinikon
Recently, two major hotel agreements, for the construction of two five-star beachfront hotels and the corresponding tourist residential complexes in The Ellinikon, were signed by Lamda Development and TEMES.
Specifically, on 06.03.2023, the agreements were signed within the framework of the strategic cooperation between Lamda and TEMES S.A. (signed in November 2020) for the joint development of two modern, luxury five-star hotels and the corresponding tourist-residential complexes (branded residences) on the coastal front of The Ellinikon, with the completion of the construction of the developments at the end of 2026.
The first agreement concerns the development of a 5-star hotel with 160 rooms, large open spaces and emblematic dining and entertainment outlets by the sea, a luxury Beach Club, Health Club with recreational, fitness and beauty facilities, and a residential complex of 17 branded residences with unobstructed sea views.
This development will be located adjacent to the prime coastal ultra-luxury residential zone (The Cove Villas and The Cove Residences).
The second deal is for a 5-star hotel with 200 rooms, large open spaces and iconic beachfront dining and entertainment outlets, a luxury Beach Club, Health Club with leisure, fitness and beauty facilities, and a residential complex of 49 branded residences with unobstructed views to the sea and Marina of Agios Kosmas. This development will be located next to the upgraded Marina of Agios Kosmas and a short distance from the Riviera Galleria and the iconic Riviera Tower residential high-rise.
It is worth noting the fact that Lamda Development has already received 30 million euros from the agreement with TEMES, from the first tranche for the sale of the full ownership of the two plots of land in the coastal zone of The Ellinikon, for the development of the two hotels and the corresponding tourist-residential complexes.
The Arabic group Olayan
The group is best known in Greece for its participation in both the Chipita group, where it had invested until recently, as we will recall that the largest food company in Greece was recently acquired by the American food giant Mondelez International for a sum of $2 billion. Mondelez is the group behind world-class food brands such as Oreo, Milka and Cadbury chocolates and Philadelphia cream cheese. It is recalled that in Greece Mondelez also owns the Pavlidis chocolate factory, which it had acquired in the past.
The Greek Olayan Investments Company Establishment (OICE) is housed in the distinctive domed building in Glyfada, on Poseidonos Avenue, opposite Asteria, and is the parent company of a network of subsidiaries stretching from Riyadh to Vienna, London and New York. The business family’s ties with Glyfada and Greece in general, have been and remain very strong, while the property they own employs around 80 people.
It should be noted that the Olayan group is the one that also holds a 25% stake in the TEMES group, owner of the Costa Navarino hotel, along with the shipowner family Konstantakopoulos, which holds 75%.
The Olayan family, with a fortune estimated by the American magazine Forbes at close to USD 12 billion, has excellent relations with the Konstantinakopoulos family, which heads the TEMES group, known for the iconic Costa Navarino hotel complex. More specifically, the Constantakopoulos family holds a 75% stake in TEMES and the Olayan group a 25% stake.
In addition, the Saudis have a 49% stake in the Hilton Hotel – with the remaining 51% owned by TEMES and is soon to be converted into Conrad, as work is already underway.
In addition to Glyfada, the Olayan Group’s offices are also located in New York, London, Luxembourg, Riyadh and Singapore.