Georgia, UAE sign $6 billion investment memorandum to boost economy

Georgia's Prime Minister Irakli Kobakhidze has said that Georgia and the UAE signed a memorandum for a $6 billion investment in the Georgian economy.

"This agreement, which involves a $6 billion investment in our economy, will be of particular importance for the development of our country," Kobakhidze told journalists in Abu Dhabi, Caliber.Az reports via Russian media.

He also highlighted that the investments will be implemented by Emaar Group in Tbilisi, Batumi, and the coastal settlement of Gonio in the Adjara region.

"This will significantly contribute to the development of our country's economy, accelerate economic growth even further, create new jobs, and attract even more investors to our country," the prime minister emphasised.

The agreement, which envisages the biggest investment in Georgia's history, involves the development of two major investment projects in the country. These projects have been considered for several months, with preliminary research and assessments already completed by the Economy Ministry and the government of Adjara. 

The Georgian prime minister said that such large-scale investments will elevate the development sector in the country to a whole new level.

Emaar Properties, a multinational real estate development company based in the UAE, owns assets worth more than $30 billion globally. The company operates in many countries across Asia, Europe, and North America.

By Naila Huseynova