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

Agreements with Armenia highlight of uneventful EU Eastern Partnership summit

The EU and Armenia signed a comprehensive and advanced partnership agreement and a common aviation area agreement at the Eastern Partnership summit on November 24, according to an ... more

Four killed in standoff between Georgian security forces and suspected terrorists

One police officer and three suspected members of a terrorist group have been killed in an anti-terrorist raid in the Georgian capital Tbilisi, the State Security Service said on November 22.  ... more

Georgia top CEE/CIS performer in World Bank's Doing Business 2018 ranking

Georgia is the only lower-middle-income country to rank among the top 10 countries in the world for ease of doing business, according to the World Bank's Doing Business 2018 report published on ... more

Dismiss