Agreement to invest $6 billion in Georgia signed during Georgian PM’s visit to UAE
Economy
Levan Davitashvili Tornike Rizhvadze Irakli Kobakhidze Sheikh Mohamed bin Zayed Al Nahyan Mohamed Ali Rashed Alabbar
Photo: Administration of the Georgian Government
The largest investment in Georgia's history - the real estate development company Emaar Properties/Eagle Hills will invest 6 billion USD in Georgia.
A memorandum of cooperation between the company and the Georgian side was signed Monday in Abu Dhabi during the visit of the Georgian Prime Minister Irakli Kobakhidze.
The agreement, representing the largest investment in Georgia's history, involves the development of two major real estate investment projects in the country.
These projects have been in preparation for several months by the Ministry of Economy and Sustainable Development and the Government of the Autonomous Republic of Adjara, with preliminary studies and assessments already completed. Large-scale development projects will be carried out in Tbilisi and Gonio.
The signing ceremony took place at the residence of the President of the United Arab Emirates and was attended by Kobakhidze and Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE.
On behalf of Georgia, the document was signed by Levan Davitashvili, the First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia and Tornike Rizhvadze, the Chair of the Government of the Autonomous Republic of Adjara and on behalf of the company, it was signed by Mohamed Ali Rashed Alabbar, the Founder and Chair of the Board of Directors at Eagle Hills.
As Kobakhidze noted, this scale of investment would elevate the development sector in the country to a qualitatively new level.
“Today, we signed a memorandum that entails an unprecedented investment in our country - investment in the value of $6 billion by the renowned EMAAR Group, which has extensive experience in the investment sector. A multifunctional development project will be implemented, with multifunctional infrastructure being developed in Tbilisi on the one hand, and in Batumi and Gonio on the other. This will significantly contribute to the development of our country's economy, further accelerate economic growth, create new jobs, and attract additional investors to Georgia”, the PM said.
The Government head extended his gratitude to the country's partners, friends, the Government of the United Arab Emirates, the EMAAR Group and its leader, Alabbar as well as to everyone for their cooperation and today's agreement, which would have exceptional importance for the economic development of our country.
