Abu Dhabi-based developer Eagle Hills Properties LLC is deepening its international foray, planning to build projects in Georgia worth $6 billion. The Georgian prime minister’s office said the plans include projects in the capital Tbilisi as well as the coastal cities of Batumi and Gonio, reported by Bloomberg.
Irakli Kobakhidze signs memorandum of understanding
According to an emailed statement, Prime Minister Irakli Kobakhidze signed a memorandum of understanding with the His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, in Abu Dhabi. “Of course, all this will significantly contribute to the economic development of our country, accelerating the pace of economic growth, creating new jobs and further attracting other investors to Georgia,” Kobakhidze said in a statement.
Foreign direct investment in Georgia fell to $197.7 million in the third quarter of 2024, according to preliminary data published in December. This is a 55.2% decrease compared to the adjusted third quarter of 2023. Eagle Hills will build houses, retail properties, parks, schools and commercial spaces in Georgia, said Mohamed Alabbar, the company’s chairman. Alabbar is also the founder of public company Emaar Properties PJSC, which built the world’s tallest tower in Dubai.
Eagle Hills is one of the largest developers in the Middle East
The developer is one of the largest in the Middle East, with projects spanning the Persian Gulf, Europe and Africa. It is pushing into Europe with large-scale developments, including a €5 billion ($5.3 billion) deal to transform a rundown area of Budapest into a Dubai-style development. The firm also built Belgrade’s waterfront and is investing $2.5 billion in Albania to build a 12,000-home development. In 2023, it acquired the Suncani Hvar hotel group in Croatia for an undisclosed sum.