UAE inks $6 billion investment deal to establish development projects in Georgia

UAE President Sheikh Mohamed bin Zayed Al Nahyan welcomed Georgian Prime Minister Irakli Kobakhidze to the UAE capital today. During the meeting at Qasr Al Shati Palace, His Highness the President warmly welcomed the Georgian Prime Minister, and expressed his wishes for continued progress and prosperity for Georgia and its people.

During the meeting, Sheikh Mohamed and Kobakhidze witnessed the signing of a memorandum of understanding regarding investments in development projects in Georgia. The Georgian government stated in a release: “This is the largest investment in the history of Georgia, where the development company Emaar Properties/Eagle Hills will invest 6 billion USD in Georgia.”

The agreement was signed by His Excellency Mohamed Alabbar, Chairman of the Board of Eagle Hills Abu Dhabi, His Excellency Levan Davitashvili, First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia, and His Excellency Tornike Rijvadze, Chairman of the Government of the Autonomous Republic of Adjara, in the presence of several officials from both countries. "Today we signed a memorandum, which envisages an unprecedented investment in our country, a 6 billion USD investment, which will be implemented by the famous Emaar Group, which has extensive experience in the field of investment, in Georgia. A multi-functional development project will be carried out in Tbilisi and Batumi, Gonio, which will greatly contribute to the development of our country's economy, further accelerate economic growth, create new jobs, all of which will further attract other investors to our country,” the Prime Minister stated.

The two leaders discussed ways to strengthen cooperation between the UAE and Georgia, focusing on key sectors such as investment, trade, economy, agriculture, renewable energy, environment, and sustainability. These areas are part of the shared development priorities of both nations. "In this regard, the significant investment by Abu Dhabi Ports Group in the Tbilisi Dry Port project, which will officially open in 2025, was highlighted, as well as the successful completion of negotiations with the major developer Emaar, which will result in multi-billion dollar investments in Georgia," the statement added.

They also exchanged views on a number of regional and global issues of mutual concern, particularly those related to promoting peace, security, stability, and development. Sheikh Mohamed reaffirmed the UAE's commitment to building strong partnerships with other nations, including in areas that promote shared development. He also highlighted the Comprehensive Economic Partnership Agreement (CEPA) that came into effect between the two countries last year, describing it as a significant milestone in their economic cooperation and emphasizing the UAE's commitment to achieving its goals of fostering shared development. "The Georgian government expressed its interest in continuing negotiations with the Abu Dhabi Investment Authority to further expand cooperation in strategic logistics and transportation projects," the statement added.

Notably, Eagle Hills Abu Dhabi is a real estate development company with projects in Albania, Croatia, Bahrain, UAE, Ethiopia, Hungary, Jordan, and Latvia. Its major projects include Belgrade Waterfront in Serbia, Centenary City in Nigeria, and Marassi Al Bahrain in Bahrain, among others.

Meanwhile, the Georgian Prime Minister thanked Sheikh Mohamed for his warm reception and emphasized Georgia's commitment to strengthening cooperation with the UAE, aiming to promote mutual benefits and support sustainable economic growth and prosperity. Both sides expressed their belief that the UAE-Georgia relationship will continue to strengthen in the future, built on the many opportunities that align with their sustainable development goals.

Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority, His Highness Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Affairs Special Affairs Office, and Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, Advisor to the UAE President, attended the meeting.

Also present were Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Ali Al Sayegh, Minister of State, Mohamed Alabbar, Chairman of the Board of Eagle Hills Abu Dhabi, Ahmed Al Nuaimi, UAE Ambassador to the Republic of Georgia, as well as several ministers, senior officials, and the Georgian Prime Minister’s accompanying delegation, which included several ministers and senior officials.

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