Georgian investors are making their first investments in Israel by contributing funds to build a new five-star Rixos hotel in the centre of the ancient city of Jerusalem.
President of the Israel-Georgia Chamber of Business Itsik Moshe said the Georgian and Israeli business communities will work together on the project, which has an investment portfolio of $100 million USD.
Georgia’s efforts work hand-in-hand with a similar project currently underway in Georgia’s capital Tbilisi. Moshe noted the Georgian business community will invest in the Rixos hotel in Jerusalem in response to the investment of the Israeli community in the Rixos hotel project in Tbilisi.
Georgia’s financial contribution to Israel was decided at the Georgia-Israel business forum, held in Israel on August 17 where Tbilisi Mayor Davit Narmania introduced Georgia’s investment potential to 101 businessmen.
"At this moment we are searching for the perfect place for the hotel. We want to build it in the old city. After choosing the place in September we need permission from the City Hall and then we will start constructions. Georgian and Israeli business group want to build a leading hotel in Jerusalem,” Moshe told Agenda.ge.
This will be an investment implemented by the Georgian investors’ group together with the Israeli business community. This will be a Georgian investment but this amount of money will not be withdrawn from Georgia. This bilateral cooperation is very important,” he added.
On another note, Moshe announced other projects that would begin to be implemented next month in Georgia using Israeli funds. These projects include the construction of a Gergeti hotel (investment sum is $25 million USD), an Art Hotel (investment sum $12 million USD), Rustaveli boutique hotel ($5 million USD) and modern laundry ($2.5 million USD).
In December Israeli funds will help build a hotel apartment ($7 million USD) and a business centre ($20 million USD).
Looking ahead, the Israel-Georgia Chamber of Business will organise a visit for an Israeli delegation to Georgia for September 8-9 and while here the Israeli side will meet their local partners.
Similarly, a media group will also travel from Israel to Georgia to learn about the country’s touristic potential and share it with their home audience.
Currently Moshe is on an official visit to Russia’s capital Moscow to encourage Israeli investors living in Russia to invest in Georgia.