Emirates company to invest $500mn in tourist resort in western Georgia

By bne IntelliNews May 27, 2016

Emirates-based Israel Ahmadov Investment announced that it will invest $500mn in a tourist complex near the Shaori lake in western Georgia, georgiatoday.ge reported on May 25.

Real estate development related to the tourist industry has been booming in Georgia, where both Georgian and foreign investor have been constructing hotels, shopping malls, and entertainment venues in the capital city of Tbilisi and on the shores of the Black Sea, particularly in the resort town of Batumi.  

The Emirates-based investor seems keen to take advantage of Georgia's mountainous territory and the fact that it is a destination for hikers, skiers and nature lovers. The first stage of the project will comprise the construction of four hotels and holiday homes. Once completed, the complex would also include several restaurants and a 1,500 square metre yacht club.  The company is awaiting a building permit.

Not all the real estate developments in Georgia have been popular. Georgians have staged various protests in recent years about plans for a large hotel and entertainment venue in Tbilisi, called Panorama Hotel, which would be located on a hilltop and connected to the city centre through a cable car. 

Related Articles

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Renewed calls for Abkhaz president to step down amidst growing political crisis

The breakaway region of Abkhazia is in the midst of a severe political crisis, with political opposition groups becoming increasingly vociferous in their accusations that the administration of ... more

Bank of Georgia Group to demerge into two London-listed entities

Bank of Georgia Group (BGEO) announced in a press release on July 3 that it intended to demerge into two London-listed firms. Specifically, BGEO is to demerge into a banking business, Bank of ... more

Dismiss