Analyst and capital market expert Marina Guledani says the USD 6.6 billion Eagle Hills project should be viewed as a “gray investment” carrying significant economic, environmental, and political risks. Speaking on BMGTV, she argued that the project’s scale is disproportionate to Georgia’s economy and could cause market disruption and financial imbalance. She also highlighted opaque ownership structures and potential political interests surrounding the UAE-based developer.
Guledani noted that these concerns likely explain why Fitch Ratings prominently referenced Eagle Hills in its latest Georgia assessment. Despite a 15.5% drop in FDI in the first half of 2025, Fitch expects inflows to rise due to the Eagle Hills deal, projecting average net FDI of 3.9% of GDP in 2026–2027. She contrasted this with the Anaklia Port project, which Fitch did not mention, arguing that Anaklia lacked government support, while Eagle Hills is clearly aligned with the political interests of the ruling party.
According to Guledani, Georgia has shifted from striving to be a transparent “white jurisdiction” to operating as a “corridor of black and gray processes.” She says this project fits that category due to its scale, unclear buyer base, and uncertain environmental and social impacts. Adding that, weak enforcement heightens the risks.
One of the biggest concerns, Guledani emphasized, is the secrecy surrounding the state’s obligations and the ownership structure of Eagle Hills Georgia LLC. With the government holding a 33% stake, she believes undisclosed political interests might be involved. The absence of public information about the agreement, she said, creates a “black hole” that fuels doubts about who ultimately benefits from the project.
