A memorandum of understanding was singed by Georgia and United Arab Emirates governments of $ 6 million investment. The development came during official visit of PM Irakli Kobakhidze led Georgian delegation to UAE.
The Memorandum of understanding is being seen a big booster for economy of Georgia. Moreover this will be one of the biggest investment in the history of Georgia under this memorandum of understanding.
As per the information the development company Emaar Properties/Eagle Hills of United Arab Emirates will make an investment of 6 billion US dollars in Georgia. In this regard a memorandum of cooperation was signed between the company and the Georgian side in Abu Dhabi, within the framework of the visit of the Georgian delegation.
The signing ceremony for MoU was held at the residence of the President of the United Arab Emirates. On this PM Irakli Kobakhidze was present with other members of his delegation. Similarly occasion was graced by the President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan with his esteemed presence.
The document was signed by Georgia by the First Deputy Prime Minister, Minister of Economy and Sustainable Development, Levan Davitashvili and Chairman of the Government of the Autonomous Republic of Adjara Tornike Rizhvadze. On behalf of UAE government MoU was signed by the company’s founder and manager, director Mohammed Ali Rashed Alabar signed MoU.
PM Irakli Kobakhidze termed this MoU as historic. According to Prime Minster, “The agreement on the largest investment in the history of Georgia means the development of two large development investment projects in Georgia which will result in economic boost and employment generation.”
The government representative of Adjara Autonomous Republic have been working for several months and the preliminary study and evaluation are completed. An investment of such a scale will take the development of the development sector in the country to a new level.
The total amount of the investment is $ 6 billion, which will be carried out in Georgia by a company with exceptional under EMAAR-Group. Multifunctional development project will be implemented along with multifunctional infrastructure in Tbilisi, on the other hand in Batumi, Gonio etc.
