TBILISI, December 13 – A major new UAE-linked project is proof that international investors regard Georgia as a stable and safe country to place their money in, according to Economy Minister Mariam Kvrivishvili.
Eagle Hills is a “real Georgian project” and will be implemented under national legislation and existing regulations, she said Friday, rejecting scaremongering about the investment’s origin in the United Arab Emirates.
Eagle Hills, a major UAE-linked development project, encompassing a property in the south of Tbilisi, as well as a territory near Gonio on the Black Sea coast, was a target of extensive criticism this fall, culminating in lawmakers from the ruling party itself forcing Prime Minister Irakli Kobakhidze to answer questions in parliament about it.
The minister emphasized that the scale of the planned investment is a strong signal of confidence in Georgia’s economy which shows that investors regard the country as stable and suitable for sustainable development.
The ruling Georgian Dream (GD) party has maintained a non-committal stance to the Ukraine war throughout, drawing ire from the opposition and the country’s Western partners. GD claimed in last year’s election campaign that its policy has kept the country out of the war. Belarusian, Ukrainian and Russian refugees linked to the war have boosted Georgia’s economy, causing real estate prices to spike. Now, the peaceful conditions are benefitting the economy in other ways, too, as the minister sees it.
According to Kvrivishvili, investors have openly pointed to stability and peace in Georgia as key reasons for their interest. She said this has had a positive effect on the country’s international investment image and reputation, reflected in growing attention from foreign investors.
The minister stressed that protecting national interests remains the government’s guiding principle in every major project, including Eagle Hills. She said no investment stands above that priority.
Kvrivishvili also pushed back against what she described as attempts to mislead the public. She said the state has taken on no financial obligations under the project, provided no financial guarantees and granted no special conditions to the investor, despite the unprecedented size of the investment. Addressing criticism over the contract not being made public in full, she said the government has already disclosed all key components of the agreement.
She added that the contract does not give the investor the right to sell land and poses no risk of illegal migration. Kvrivishvili said Georgia remains a co-owner of land involved in the project, which she described as a matter of high national value.
Responding to claims circulating in public debate, the minister dismissed suggestions of so-called “Arabization” as unfounded. She said Georgia has strict regulations and enforcement mechanisms to combat illegal migration and emphasized that property ownership is not linked to obtaining residency. According to her, the agreement contains no exceptions on this issue and the government does not connect the two.
