DUBAI – Mohamed Ali Rashed Alabbar, the Founder and Managing Director of Emaar Properties, a UAE-based real estate development company, on Monday expressed confidence a deal for a $6 billion investment by the group in Georgia, signed earlier during the day, would “inspire other investors” to invest in the country.
Signed with the Georgian Government during Prime Minister Irakli Kobakhidze’s visit to Abu Dhabi, the agreement involves a “multifunctional development project” in the Georgian capital city of Tbili, the Black Sea city of Batumi and the coastal town of Gonio.
Our significant investment in Georgia will attract many investors, as has occurred in all the countries where we have initiated projects. They will say, ‘Oh! Something miraculous is happening in Georgia! We want to do something similar! We are trying too’”, Alabbar said.
It is a great pleasure and honour for me to work in Georgia. I promise you we will do a good job. When such a large capital investment is made in a country, it has a significant positive impact on the economy”, he added.
Alabbar also highlighted the “honour” of sharing Emaar’s “three-decade experience” in urban development with Georgian partners, particularly in Tbilisi and Batumi.
Over the past 35 years, we have operated in more than 15 countries around the world. However, when I first arrived in Tbilisi, the city captivated me with the beauty of its people, the charm of its nature and architecture, and its lifestyle. The cuisine is also amazing. I then visited Batumi, where I was equally impressed by the city’s energy and beauty”, he said.
Participating in this project for us means sharing our knowledge and investing in large-scale urban development in Batumi and Tbilisi. I have dedicated my career to implementing significant projects and advancing urban development”, the investor said.
It is truly a pleasure to be involved in such an initiative. I am particularly impressed by the energy I sense in Georgia, as well as the economic stability and growth that we are all familiar with”, he added.
Georgian Economy Minister Levan Davitashvili on Monday said the agreement represented the “largest foreign investment deal” since the country regained its independence in the 1990s, adding the deal was expected to contribute about 1.5 percent to the growth of the national economy.
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