UAE-based property developer Eagle Hills has signed a memorandum of understanding (MoU) with the Georgian government to invest over USD 5.5 billion in developing the country’s urban areas, writes Forbes.

"Driving urban development --- Under the MoU, the two parties will collaborate on developing two projects - one in Georgia’s capital of Tbilisi, and the other in Batumi city, an Emirates News Agency (WAM) report showed Monday.

These projects will focus on driving sustainability and innovation in the country while developing top-quality facilities and enhancing Georgia"s economic conditions, added the WAM report.

Tbilisi’s Krtsanisi Park is a riverside project, spread across 590 hectares of land of which 170 hectares comprise parks and vegetation. The project development includes residential spaces, retail stores, and a premium spa and wellness center.

Furthermore, the Gonio Marina development in Batumi is built alongside the coastal shores and beaches of the Black Sea, spanning 260 hectares. It features a waterfront development, which is built around a marina district. The Gonio Marina development has residential units, luxurious hotels, retail parks, and large park spaces. These projects are expected to generate thousands of jobs, drive Georgia’s gross domestic product (GDP) growth, strengthen the real estate market, and boost tourism, noted the WAM report.

Other investments --- In July 2024, Eagle Hills signed an MoU with Indonesia’s Ministry of State-Owned Enterprises (SOEs) worth $3 billion to boost the country"s tourism sector and support further development of its infrastructure.

Similarly, in March, the real estate company said it would invest up to $7 billion to revive a neighborhood located at the center of Hungary’s capital city, Budapest. Also, in February, Eagle Hills entered a joint venture agreement valued at $4 billion with Bahrain to create a new real estate development firm called Binaa Al-Bahrain. The JV has plans to bolster real estate projects in Bahrain by making use of its partnerships with Edamah, the real estate arm of Mumtalakat, Bahrain"s sovereign wealth fund.

Forbes ranking - Mohamed Alabbar, founder and managing director of Emaar Properties and chairman of Eagle Hills, ranks first on the Forbes Middle East Most Impactful Real Estate Leaders 2024 list", - reads the article.