The development company "Emaar Properties/Eagle Hills" is investing $6 billion in Georgia. The Memorandum of Cooperation between the company and the Georgian side was signed within the framework of 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 company's founder and CEO Mohammad Ali Rashed Alabar.
"The decision of a single investor to invest 6 billion has never happened in the history of independent Georgia. The real estate market will like this issue very much, it will take 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 investment announced by the company, which is a huge amount, it will play the role of a multiplier and bring us some six billion extra by the fact that 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, property prices and the number of transactions doubled in the next 2-3 years. This is a new group of customers coming to Georgia from the Middle East and will make the Georgian real estate market even more attractive. The real estate market influences and has a big impact on the overall economy. It manifests itself in job growth, employment of people, economic growth. I would say that there has never been a similar type of investor in Georgia, this is a historic 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 many investors' attention.
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