UAE's EMAAR Group to Invest $6 Billion in Georgia

UAE-based real estate giant EMAAR Group has signed a memorandum of understanding to invest approximately $6 billion in Georgia. The agreement was signed in the UAE by Levan Davitashvili, Georgia's Minister of Economy, Tornike Rijvadze, Chairman of the Government of Adjara, and Mohammed Ali Rashed Alabbar, Founder and Managing Director of EMAAR Group.

The investment will fund a multifunctional development project, creating infrastructure in Tbilisi, Batumi, and Gonio. Georgian Prime Minister Irakli Kobakhidze, who led the delegation, stated, "This will significantly contribute to our country's economic development, accelerate growth rates, create new jobs, and attract more investors to our country".

Mohammed Ali Rashed Alabbar expressed confidence in the project's impact, saying, "Our significant investment in Georgia will motivate many investors and businessmen, as has happened in all countries where we have launched projects".

Minister of Economy Levan Davitashvili emphasized the transformative nature of this investment: "EMAAR's entry into Georgia will completely change the Georgian real estate market. It will elevate it to a qualitatively different level and make our country attractive not only to regional but also global investors. The $6 billion investment means economic growth of approximately 2-3% for Tbilisi and Batumi within a year".

This historic investment, representing about 20% of Georgia's economy, is expected to attract additional investments and significantly boost the country's economic growth.