The Georgian Economy Minister Levan Davitashvili announced that the $6 billion investment agreement signed with a leading real estate group from the United Arab Emirates represents the “largest foreign investment deal” since Georgia regained independence in the 1990s. He highlighted that the investment is expected to contribute approximately 1.5 percent to the growth of the national economy.

The agreement focuses on a “multifunctional development project” in Tbilisi, the Black Sea city of Batumi, and the coastal town of Gonio. Davitashvili noted that the planned investments are projected to accelerate annual growth rates in Tbilisi and Batumi by an additional two to three percent.

The Minister emphasized the significance of the partnership with EMAAR and Eagle Hills, describing them as “leading development groups in the region” renowned for iconic projects such as the Burj Khalifa. He noted that their entry into Georgia would transform the country’s development market both qualitatively and quantitatively.

“This collaboration will not only enhance Georgia’s appeal to regional investors but also bolster its international reputation as a prominent and attractive investment destination,” Davitashvili stated.

He also highlighted the broader implications of the agreement, explaining that projects by these development companies often create a “chain reaction,” attracting further investment from the Gulf region and Europe.

“We anticipate that the launch of this project will initiate a new wave of foreign direct investment in Georgia, particularly in a vibrant and dynamic sector critical to economic growth. Additionally, the project is expected to establish two significant landmark locations that will not only draw tourists but also contribute visibly to the country’s overall advancement,” he said.

Davitashvili described the agreement as “historic” and noted that it was finalized during Prime Minister Irakli Kobakhidze’s ongoing visit to Abu Dhabi.