Arab financiers discuss Georgia’s investment climate

Georgian PM’s meeting with the UAE’s PM Mohammed bin Rashid al-Maktoum on September 17. Photo by PM’s Press Office, 17 Sep 2014 - 15:26, Tbilisi,Georgia

Arab investment company Dhabi Group believes the Georgian economy has potential and is expressing hope in the country’s business-friendly environment.

The Arab financiers made the omission during a visit of Georgia’s Prime Minister Irakli Garibashvili to the United Arab Emirates (UAE).

Dhabi Group, who already invested in Georgia including with Kor Standard Bank, announced construction of five-star hotel Millennium in central Tbilisi would be finished by 2015.

UAE’s Minister of Culture, Youth and Community Development Nahyan Bin Mubarak Al Nahyan, who is chairman of Dhabi Group, gave the Georgian PM lots of information about the design and construction of the hotel, which will be built on Rustaveli Ave.

Al Nahyan also expressed his readiness to increase the level of investments in Georgia.

"Georgia has strong economic infrastructure, good services, good laws and safety and transparency. These encourage investments to the country. The Prime Minister’s visit will support further deepening the relations between two countries and increase investments,” Al Nahyan said.

Meanwhile, an agreement has been reached where Abu Dhabi Chamber of Commerce and Industry officials will visit Georgia in October.

The Georgian Prime Minister extended an invitation to Al-Rumaithi and the private companies in Abu Dhabi to participate in a forum in Tbilisi organised by Asia Development Bank. The event attracted participants from all around the world.

The announcement came after the meeting with the PM Garibashvili and Chairman of Chamber Mohammed Thani Al-Rumaithi. At the meeting both sides also discussed Georgia’s investment climate. Al-Rumaithi believed investment cooperation would be implemented.

The United Arab Emirates was top fifth largest investor country in Georgia last year. In particular, the UAE invested $62 million USD – 7 percent of Georgia’s total investments in 2013.