Abu Dhabi developer Eagle Hills has announced plans to invest more than €5.5 billion ($5.7 billion) in two projects in Georgia.
It signed an agreement with the Georgian government to develop waterside projects in Tbilisi and Batumi.
The Krtsanisi Park in Tbilisi will be a riverside mixed-used project of residences and retail spaces that will span 590 hectares. In Batumi Eagle Hills is planning Gonio Marina, a 260-hectare beach-front and marina development that includes branded residences, hotels, retail parks and park spaces.
Mohamed Alabbar, the chairman of Eagle Hills, said Georgia “holds immense promise and potential”.
The agreement was signed in Abu Dhabi during a visit by Georgia’s prime minister Irakli Kobakhidze.
The announcement is the latest in a series of Eastern European developments planned by Eagle Hills.
In Hungary it plans to transform a rundown area of the capital Budapest, at a total development cost of $12.3 billion.
It also signed an agreement with Affinity Partners, an investment firm founded by Jared Kushner, to build a Trump-branded hotel and apartment complex in Serbia’s capital, Belgrade.
Eagle Hills has multi-billion-dollar projects in the Middle East, Europe, Asia and Africa.
Source: www.agbi.com