Emaar's subsidiary, Eagle Hills, opens a sales office in Georgia, marking a significant step in their large-scale investment in the country. This move follows an agreement to invest $6 billion in real estate and tourism projects, including developments in Tbilisi and the resort area of Gonio. The investment is expected to boost the Georgian real estate sector and attract further international capital.
Eagle Hills is planning to invest over $5.5 billion in Georgia, making it one of the largest foreign investments in the country's history.
The investment will focus on two major projects: one in Tbilisi and another in Gonio, a resort area near Batumi.
The developments will include multifunctional complexes with residential areas, hotels, shopping centers, sports facilities, medical institutions, and educational complexes.
The investment is expected to stimulate the real estate sector, create job opportunities, and enhance Georgia's appeal to international investors, according to the Georgian government.
The entry of Emaar and Eagle Hills is seen as a strong signal to other potential investors, demonstrating Georgia's reliability and investment potential, according to the Deputy Minister of Economy.
The investment is the result of a Memorandum of Understanding (MoU) signed between Eagle Hills and the Georgian government.
Emaar Properties is a well-known developer, renowned for projects like the Burj Khalifa and the Dubai
Mall, according to Tornike Zirakishvili.
The project is expected to be implemented in stages over five to seven years, with the second phase including the establishment of a representative office in Georgia, according to Irakli Nadareishvili.
