Georgian Prime Minister Irakli Kobakhidze stated that the country is leading economic growth in the region and Europe, emphasizing that the $6 billion investment agreement on this week with a UAE-based real estate group will significantly boost the nation’s development. Kobakhidze spoke about the landmark deal during an interview with Imedi TV on January 30.
Kobakhidze described the $6 billion investment as representing approximately 20% of Georgia’s economy, forecasting an additional $1 billion in annual investment over the next five years. This unprecedented deal is expected to accelerate economic growth significantly, marking the largest investment in Georgia’s history.
The Prime Minister highlighted the scope of the investment, which includes a “multifunctional development project” spanning Tbilisi, Batumi, and Gonio. The project will create thousands of jobs across the country and will feature residential areas, infrastructure, hotels, shopping malls, sports facilities, recreational spaces, and medical-educational buildings. In Tbilisi, 34% of the development area will be dedicated to green spaces.
Kobakhidze also revealed that the founder of the Emaar Group, the real estate developer behind the deal, will personally visit Georgia for a project presentation. He praised the group’s track record of timely and successful project completions, adding that the investment represents not just development, but also an emotional connection to the country.
This landmark investment is expected to attract more foreign interest, according to Kobakhidze. He believes that the entry of the Emaar Group into Georgia signals great potential and will increase interest from other countries looking to invest in the country.
The Prime Minister dismissed opposition claims that the $6 billion investment was unrecorded, calling them baseless. He specifically referenced BMG, a division of TV Pirveli, for spreading such misinformation and emphasized the importance of promoting the country’s economic growth.
Kobakhidze also highlighted the country’s strong economic performance, with Georgia’s average growth rate at 9.5% over the past four years. He stated that economic growth could have been even higher without the opposition’s “anti-state actions” that affected the economy and currency exchange rates. Despite these challenges, the country’s economy has grown from ₾50 billion ($17.36 billion) to nearly ₾90 billion ($31.25 billion) over this period.
Looking ahead, Kobakhidze is confident in maintaining economic growth and intends to build on the progress achieved in recent years. He also emphasized plans to strengthen economic ties with Central Asia and China, which are vital for continued growth. He stressed that economic stability is key to advancing Georgia’s European integration ambitions, saying that a strong economy will make European integration discussions more realistic.
By 2030, Kobakhidze aims for Georgia to be significantly ahead of its current position, ensuring that European integration discussions become not just possible, but realistic.
