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.
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