Development company "Emaar Properties/Eagle Hills"invests in Georgia 6 billion US dollarsThe Memorandum of Cooperation between the company and the Georgian side was signed during the visit of Georgian Prime Minister Irakli Kobakhidze to Abu Dhabi. The document was signed by First Deputy Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili and Prime Minister of the Republic of Adjara Tornike Rizhvadze, and the founder and CEO of the company Mohammad Ali Rashed Alabar.
"The decision of a single investor to invest 6 billion has never happened before in the history of independent Georgia." The real estate market will really like this issue, it will move it to another level and bring it under a different focus. "Bringing the Emaar logo to Georgia means shifting the attention of hundreds of thousands of investors to Georgia. I would put it this way - in addition to the investments announced by the company, which are huge, this will play the role of a multiplier and bring us some six billion more because other builders, developers, other investors can come to us and buy real estate in Georgia," said the Georgian Prime Minister.
"In all the countries where Emaar entered, real estate prices and the number of transactions doubled in the next 2-3 years. This is a new group of customers who will come to Georgia from the Middle East and make the Georgian real estate market even more attractive. The real estate market affects the overall economy and has a great impact on it. This is reflected in the increase in jobs, employment of people, economic growth. I would say that there has never been a similar type of investor in Georgia, this is a historical event and its consequences will be felt by our economy and every citizen this year,” said the businessman – Founder of “Archi Group”. Mr. Tsulaia.
Emaar's entry means that Georgia will be the focus of attention for many investors.
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