The largest investment in Georgia's history Emaar Properties Eagle Hills will invest 6 billion USD in Georgia
A memorandum of cooperation between the the real estate development company and the Georgian side was signed in Abu Dhabi during the visit of Irakli Kobakhidze, Prime Minister of Georgia.
The signing ceremony took place at the residence of the President of the United Arab Emirates and was attended by Irakli Kobakhidze, Prime Minister of Georgia and Sheikh Mohamed bin Zayed Al Nahyan, UAE President.
On behalf of Georgia, the document was signed by Levan Davitashvili, First Deputy Prime Minister and Minister of Economy and Sustainable Development and Tornike Rizhvadze, Chairman of the Government of the Autonomous Republic of Adjara. On behalf of the company, it was signed by Mohamed Ali Rashed Alabbar, Founder and Managing Director of Emaar Properties and Eagle Hills.
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.
According to the Prime Minister of Georgia, this scale of investment will 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 BLN USD 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.
I would like to thank our partners, friends, the government of the United Arab Emirates, the EMAAR Group and its leader, Mr. Alabbar. Special thanks to everyone for their cooperation and today's agreement, which will have exceptional importance for the economic development of our country," stated the Prime Minister of Georgia.
Announced Press Service of the Government Administration
