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#1 · (Edited)


Please post in this Thread projects and construction from all Georgian city´s except Tbilisi (http://www.skyscrapercity.com/showthread.php?t=273572&highlight=batumi) and Batumi (http://www.skyscrapercity.com/showthread.php?t=892696&highlight=batumi)because they have their own threads (look in the brackets).

Georgia (Georgian: საქართველო, IPA: [sɑkʰɑrtʰvɛlɔ]is a sovereign state in the Caucasus region of Eurasia. Situated at the juncture of Eastern Europe and Western Asia, it is bounded to the west by the Black Sea, to the north by Russia, to the south by Turkey and Armenia, and to the east by Azerbaijan. Georgia covers a territory of 69,700 km² and its population is 4.385 million.
 
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#2 · (Edited)
AvtoMarket in Rustavi of Georgia





New Auto market opened in Rustavi town
19.12.2009

A new auto market, the biggest in the Caucasus region, was opened earlier this afternoon in Rustavi town of Georgia’s Kvemo Kartli region. The market will serve 5 thousand cars.

The new complex is located near the highway. The owners will be able to settle all procedures without the leaving the premises. Cafes, car-washing and car-service facilities as well as hotels will be soon built about the territory.

The Taoprivatbank financed the construction by 25 million GEL. An exhibition of retro cars and a concert were organized as part of the opening ceremony.
 
#14 ·
Projects in Bakuriani from


Property name: Hotel and seasonal housing ''Villa in Mountain''
Location: Bakuriani Ski Resort, Georgia
Stage: Under development
Completion: 2009
Condition: White frame, requires refurbishment

Master plan





Individual cottages



 
#15 ·
Government plans to sell Gudauri Hotel

Privat Group, an influential business group from Ukraine, may buy the Gudauri Hotel in Georgia’s popular winter resort of the same name.

Representatives of the group are now in Gudauri, willing to study the existing situation on the spot. “Presumably, they will make a final decision by the end of February,” as the local Pirveli news agency quoted Economic Development Minister Zurab Pololikashvili as saying.

The sale of the hotel is part of the government’s newly publicized program, called New Wave of Privatization, which aims to generate funds by selling several large, state-owned assets, including the Georgian Railway, Georgian Post and big medical facilities.   

The Georgian government, holding an 85-percent share in the Gudauri Hotel, wanted to sell it in 2008, but unsuccessfully.

Now, the opening bid for the Gudauri Hotel is about 5 million euro. In addition, under the deal the new investor must pay 6.5 million euro as the hotel owes this sum to the state. The total sum must be paid within 30 days after signing the purchase agreement, according to the Economic Development Ministry’s statement posted on its Web site.

Resort Gudauri, in the Greater Caucasus, is located in the Stepantsminda District along the Georgian Military Highway near the Cross Pass, 2,196 m above sea level. The four-star Gudauri Hotel or former Marco Polo Hotel, which apart from the main building includes 12 cottages, five ropeways and several ski lifts, has the best location and is very popular among skiers.

According to the Tourism and Resorts Department of Georgia, Gudauri hosted more than 20,000 guests in 2009, where 2,000 of them were foreigners.

If Privat Group succeeds in acquiring the Gudauri Hotel, this will be its third business venture in Georgia after TaoPrivat Bank and Rustavi Auto Market.

Thus far the details of the sale are vague as the Economic Development Ministry’s Privatization Department has no information on the issue.

“I know that a Ukrainian investor has taken over Gudauri, but this does not mean they will buy the asset finally,” Dato Ghonghadze of the department said.

The new director of Gudauri, Goga Merkviladze, confirmed that he represents the Ukrainian side and was appointed on the position on Dec. 31. “I cannot say anything concerning the debt or other details. Feasibility works are being carried out at the time and we will announce our decision this spring,” Merkviladze said.

Story by Nino Edilashvili
15.01.2010
http://www.georgiatoday.ge/article_details.php?id=7624
 
#16 ·
LLC Dagi to Receive 6.7 million GEL for Sataplia Reserve Infrastructure Construction
2010.05.08
Tbilisi (GBC) - Dagi construction company will construct the Sataplia state Reserve Administration Infrastructure.
http://gbc.ge/index.php?m=home&p=1
 
#20 ·
Rakeen inks deal with Harradine Golf for Georgia project
Source: BI-ME , Author: BI-ME staff
Posted: Thu January 28

INTERNATIONAL. Rakeen, one of the most dynamic property developers and investors into emerging markets, has announced that it has teamed up with Harradine Golf from Switzerland to design and construct an 18-hole golf course in Mukhrovany, a picturesque location just 25 km outside of Tbilisi.

Harradine Golf, a team of highly renowned Golf Course Architects, was established in 1929 and since then has designed, constructed, re-modeled and / or supervised the construction of over 200 Golf Courses in Europe, Africa, Asia and the Middle East.

The courses have been situated in every type of terrain; from arid, rocky, dry, hot and saline deserts to wet, humid, temperate and cold grasslands, mountains, waste tips, agricultural fields, sea-sides and even at altitudes of 1850 metres.

The Harradine Golf “signature” lies in the fact that each and every individual site has a direct influence on the designs within the parameters of the game and sustainable constraints imposed by ecological and site restrictions.

Major EPGA tournaments are played on the following Harradine Golf courses:

1. Abu Dhabi Golf Course, UAE – Abu Dhabi Golf Championship
2. Doha Golf Club, State of Qatar - Qatar Masters Golf Championship
3. Mirage City Golf Course, Egypt – Egyptian Open
4. “Le Gerre” Losone Golf Club, Switzerland – Swiss ELPGA Tournament
5. Gut Hausern Golf Club, Germany – German ELPGA Tournament
6. Bad Ragaz Golf Club, Switzerland – EPGA Senior’s Tour

This vast experience, quality design and the successful Al Hamra Golf Course project in Ras Al Khaimah inspired Rakeen to cooperate with Harradine Golf to propose a unique concept for Rakeen’s latest development in Mukhrovany / Georgia.

Dr Khater Massaad, Executive Chairman, Rakeen, stated: “This partnership with one of the most reputable Architects in the field of Golf Courses is an extremely promising step for this project.

We are excited to work with such remarkable specialists and look forward to receiving their proposal in March 2010.

Our affiliate Rakeen Georgia will then start construction in April, and we expect the Golf Course to be operational by March 2011.

We strongly believe in the potential of Georgia as an investment destination and are very active there with Uptown Tbilisi, the first retail destination in Tbilisi, and other developments under way.

Our sister company RAK Investment Authority complements Rakeen’s real estate projects with Poti Port and Poti Free Zone as an attractive investment opportunity with full free zone benefits.”

He continued: “Mukhrovany Golf Village will be a unique destination for Golfing and other leisure activities. The Village will start with the Golf Course, with a 5-star hotel, villas and apartments to follow in future.

We trust that this beautiful project will enrich Mukhrovany’s and Tbilisi’s communities and instigate further investment into Georgia for a sustainable development of this wonderful country.”
http://www.bi-me.com/main.php?id=43850&t=1&c=35&cg=4&mset=
 
#21 ·
The Chairman of Government of Adjara A.R with specialists visit current works in water source construction in Chaisubani

One more rehabilitated water source construction will come to exploitation in three months.

After terminating working activities population will receive water from advanced compact filter construction. It is able to filter 200 liters water in a second.

Water supply will transfer from Chaisubani construction to the central reservoir of Salibauri where filtered water will join city water network.

1,5 mln Euro have been allocated for rehabilitating source construction. Working activities are being conducted by companies: "Pelias Mason" and "Tbilisi".
http://adjara.gov.ge/eng/index.php?page=show&id=1478
 
#22 ·


likani will become soon a multi recreation zone

http://www.commersant.ge/index.php?pg=nt&id=15330&ct=2



The Minister of Economic Development of Georgia Zurab Pololikashvili examined the Borjomi-Likani resort infrastructure and learned about the new architectural projects of development. The manager of “Kazmunaigas-Service” Amanzhol Kusainov introduced the details of the construction to the Minister. The Kazakh Company is the current owner of the former Likani curative complex. Zurab Pololikashvili said that Likani is one of the most important resorts of Georgia and its development will promote not only the development of tourism in the region but also the development of small and medium business and employment of local population.

“We have reached agreement on the final version of the project with the Kazakh Company. A sanatorium complex of international standards will be constructed here, which will bind the Borjomi-Bakuriani road and will play a great role in the development of the region. The construction of the resort will start this spring and will be finished in two years. The Department of Tourism adn Resorts will use this time to prepare qualified workers who will be employed in this complex,” – said the Minister of Economic Development of Georgia.

The Georgian Government transferred the Likani curative compex to “Kazmuniagas-Service” in 2006. The government supported the initiative of the Kazakh investors that was aiming to construct a tourism complex of international level. The renewal of the complex should have started several years ago but the economic crisis and the August war had a negative impact on the activities of the investors. The situation changed this year and “Kazmuniagas-service” is starting to fulfill its obligations. They say in the company that execution of such a large scale project is another proof of good neighboring and business relations between Georgia and Kazakhstan.

The Likani Complex is one of the most important resorts of Georgia for a hundred years already. The Likani Complex was considered as the symbol of prestige and high level service – around 12 000 customers were served daily there. The resort is also well known beyond the borders of the country. The Borjomi-Likani complex served thousands of tourists annually.

The Kazakh investment will help the problem of unemployment in the Borjomi district and the whole Samtskhe-Javakheti region where tourism is the main source of income for the citizens. 350 people will be employed in the complex at the first stage.
http://economy.gov.ge/?category=4&lang=eng&item=183
 
#24 ·


Georgian President opens Olympic centre in Dusheti town
12.03.10 15:23
Georgian President Mikheil Saakashvili opened Friday a new hotel and an Olympic village with unique facilities for all kinds of sportsmen in the town of Dusheti in Mtskheta-Mtianeti Region.
The Olympic house has been intended for 100 sportsmen who can exercise as well as take a rest there. In the vicinity of the Olympic village, there is an Olympic centre, where all kinds of sportsmen exercise and are trained there.
The Georgian president said additional funds should be allocated to development of sports in Georgia.
`We have decided to open a big Olympic centre here, because, while a lot of politicians can`t see the rest of Georgia beyond the centre of Tbilisi and while Tbilisi is developing as soon as never before in the history, for me all regions should have their functions and all regions should develop properly`, Mikheil Saakashvili said and added that Dusheti had actually lost all the functions `therefore, the water pipeline, the roads we are constructing here is good, but if Dusheti does not gain any function, if people are not employed there, nothing will change`, he said.
http://rustavi2.com/news/news_text.php?id_news=36023&pg=1&im=main&ct=0&wth=

Georgian President Mikheil Saakashvili has observed a sport complex and the hotel Olympic House in Dusheti district.
According to Saakashvili, the Georgian government made a decision to build the hotel and complex two years ago.
‘The complex will employ people, and it will also promote development of sport in Georgia. Some politicians can’t see anything beyond their noses; meanwhile we are working and developing. Dusheti is being developed despite problems’, Saakashvili said’, Saakashvili said.
Part of the sport complex and the hotel opened on 15 February.
http://www.interpressnews.ge/en/index.php/permalink/15971.html&hd_line=1



12 March 2010 / 14:21
The President of Georgia Mikheil Saakashvili visited sports’ complex and hotel “Olympic House” in Dusheti region

The President of Georgia Mikheil Saakashvili visited sports’ complex and hotel “Olympic House” in Dusheti region.

Mikheil Saakashvili pointed out that the decision on building this hotel and sports’ complex was made by the government of Georgia two years ago.

“This complex provides jobs for the local population as well as better training and the development of sports. Two years ago we made a decision to build a sports’ complex here. A big Olympic center is being built here. Before many politicians cannot see anything besides their noses we think about development. Despite the problems Dusheti develops”, Mikheil Saakashvili noted.

The President said that if there is no employment in Dusheti, people will continue to leave the place; this is why we decided to build a sports’ center here.

“A big gym has already been opened and we are going to open the other one. This will give people jobs and will help the members of the Olympic team to show good results. We are going to invest money into sports and we will do our best to develop sports in Georgia”, Mikheil Saakasvhili stated.
http://www.president.gov.ge/?l=E&m=0&sm=1&st=10&id=3237
 
#25 ·
Rakeen Adds 5 Million USD Luxury Golf Project to Its Georgian Portfolio
Written by Madona Gasanova
15/03/2010 12:05
The FINANCIAL -- Total turnover of Rakeen projects in Georgia in 2009 was 100 million GEL. This figure includes Uptown Tbilisi , Sheraton Metechi Palace and Poti Sea Port projects. In 2010 Rakeen plans to spend 5 million USD on a luxury golf course.

Construction of the course at Mukhrovani is scheduled to begin in April and the opening is planned for March 2011.

The company hired Harradine Golf AG of Switzerland to design and build Georgia’s first 18-hole golf course near the capital Tbilisi . “We are waiting for the project offer and after we confirm the project, we plan to start building. According to our preliminary calculation, the project development will need approximately a 5 million USD budget,” Gela Mikadze, General Director of Rakeen Development Georgia and Rakia Georgia, told The FINANCIAL.

Harradine Golf, a team of highly renowned Golf Course Architects, was established in 1929 and since then has designed, constructed, re-modelled and / or supervised the construction of over 200 golf courses in Europe, Africa, Asia and the Middle East.

“We look forward to receiving Harradine Golf’s proposal in March 2010. Our affiliate Rakeen Georgia will then start construction in April, and we expect the golf course to be operational by March 2011. We strongly believe in the potential of Georgia as an investment destination and are very active there with Uptown Tbilisi , the first retail destination in Tbilisi , and other developments under way. Our sister company RAK Investment Authority complements Rakeen’s real estate projects with Poti Port and Poti Free Zone as an attractive investment opportunity with full free zone benefits," Dr. Khater Massaad, Executive Chairman, Rakeen.
“Mukhrovani Golf Village will be a unique destination for golfing and other leisure activities. The Village will start with the Golf Course, with a 5-star hotel, villas and apartments to follow in the future. We trust that this beautiful project will enrich Mukhrovani’s and Tbilisi ’s communities and instigate further investment into Georgia for sustainable development of this wonderful country.”

“The first step of the project is to develop the golf course with the necessary infrastructure. Hotel, villas and apartments are the next steps, which will need to accumulate more investments. I think this project will take the next 3-5 years to complete,” Mikadze says.

As for visitors, Mikadze thinks that it will be a good opportunity first of all for Georgians and foreigners living in Georgia, also for our neighbour countries - Armenia, Azerbaijan, Ukraine etc. “In the future, I predict that Mukhrovani will become an attractive golf resort for visitors from different countries,” Mikadze says.

Rakeen, the largest Property Developer in Ras Al Khaimah, which belongs to Rakia Group, started operation in Georgia in September 2006. Established in the United Arab Emirates (UAE) Rakeen incorporates Sustainable, Responsible, Eco-Friendly planning and design of world-class resorts and residential property development.

In an exclusive interview with The FINANCIAL Gela Mikadze, General Director of Rakeen Development Georgia and Rakia Georgia, gave his outlook regarding various projects of Rakeen Development and talked about the plans of the company in 2010. “For now the situation on the market is improving slowly, but at a good pace,” he says.

“I agree, golf is not popular in Georgia and a very limited number of people are familiar with this sport. But on the other hand, we never had this opportunity. I believe that lots of people will be interested in a good course and comfort, in a picturesque place, just a 30 minute drive from Tbilisi .

“The target customer segment is those from the middle to high classes of the population, as golf is a luxurious and elite sport.”

Q. Why was Mukhrovani chosen as the location for the project? What are the advantages that Mukhrovani has?

A. Mukhrovani is a very beautiful place close to Tbilisi (15km. east from Tbilisi ). In 2007 Rakeen purchased around 1,000 ha of farm land there. Part of the facility is being developed for agriculture and the other part will be used for the golf course’s infrastructure.

Q. 2009 showed that the whole world and also Georgia was far from its final emergence from the global financial downturn. How was it for Rakeen development, what was the main challenge for your company last year?

A. The results of the global crisis of course could not be solved in one year, but we can really see that the economy is improving step by step. The banking sector, real estate and others have started recovering and according to specialist’s prognoses, this process will continue in to the future.

Rakeen did not stop its building processes. Moreover since 2008 we partnered with IFC (International Finance Corporation) for the Uptown Tbilisi project.

Of course there was stagnation in sales as predicted following the August war. For now the situation on the market is improving slowly, but at a good pace.

Q. In an interview with FT you stated that the August 2008 war proved to be a significant problem for you but in the end you decided to stay on, however slowed down the rate of some of your projects. Please tell us in more detail, in which stage are your projects presently and when are you planning the final completion of Uptown Tbilisi , Tbilisi Heights and Vardzia?

A. Yes, as I mentioned, it was a difficult period for our company, as well as for all segment, first of all from the sales point of view. When we mention slowing down, we just temporarily stopped works on Tbilisi Heights and Vardzia sites but are planning to continue both projects next year.

Uptown Tbilisi is in an active phase. The project includes three basic segments: a trade centre, office and residential complexes. At the end of this year the first segment - Uptown Shopping Mall will be ready to host its first visitors. The whole project should be completed at the end of 2012.

As you know, since June 2008, Rakeen took over management of Mtatsminda Park. Serious works were done there and about 6 million GEL was invested. The park was reopened in March 2009 and retains its popularity even after such a long time.

Q. Why did you decide to start new construction of a course at Mukhrovani before finishing current ongoing projects?

A. Mukhrovani Golf Course is a different type of project. It could be developed in a shorter period and for the first stage needs only very reasonable investments. Also it should become attractive and accessible for a large number of people who have no alternatives for such an activity in the country.

Q. In October 2009, Rakeen Development Georgia participated in a global four day networking exhibition, Cityscape Dubai, dedicated to the real estate industry. Please reveal the concrete results that you have seen after participation in the above-mentioned exhibition?

A. Rakeen Development participated in Cityscape Dubai and was one of the most diversified, projects presented worldwide. For Rakeen Georgia it was mostly about the country’s promotion and it has since attracted lots of visitors and investors. We established very interesting contacts and believe that a large number of them will work closely with us in the future.

Tourism, real estate, banking and all other sectors are more or less depending on each other and all of them had serious problems because of the global crisis. We still believe that tourism and real estate will recover in the next year and will be promising sectors for the future as well.

Generally investors’ dependence was changed not only towards Georgia, but worldwide. Of course we must consider the unpleasant events of August 2008, but mostly it changed because of the global crisis. In spite of this, IFC invested several millions in the Uptown project in November 2008 and interest from other investors has also been growing during recent times.

Q. RAK Investment Authority paid 65 million USD for 49 percent of Georgia’s Black Sea Poti Port in December 2008, after previously winning a government competition to develop the port and acquiring a 51 percent stake. It is also set to build an airport in Poti, which hosts the country’s only special economic zone to attract investors. What is the situation right now?

A. RAK Investment Authority purchased Poti Sea Port and is creating the first Free Industrial Zone adjacent to the port. RAKIA is also working on a project of rehabilitation and development of Poti Airport.

RAKIA Georgia Free Industrial Zone has already invested around 22 million USD. The biggest part of the works has already been completed: soil testing, clearing and levelling of the land (160 Hectares), fencing, stone pitching protection, main gates for trucks and pedestrians. The Customs Complex is currently under construction and is likely to be completed by May. Simultaneously work on sewerage, power distribution, and a telecommunication network along with road building is under way.

We are planning an official opening before the end of May 2010 and what I can tell you now is that companies from different countries will be presented there, including the UAE, Armenia, Azerbaijan, Iran, Ukraine , Turkey and Georgia. We also expect to get licenses in the nearest future from Saudi Arabia, Kuwait, India, Pakistan, China and the USA.

Q. What are your company’s plans for 2010?

A. Rakeen Development is actively working on the Uptown Tbilisi project and plans to open its Uptown Shopping mall at the end of this year.

New amusement rides, like the Giant Wheel and Roller Coaster, will be delivered and opened in Mtatsminda Park soon.
Rakeen also plans to start working on the Mukhrovani Golf course project.

Rakia is working on development of Poti Sea Port and we can already see the positive results. Very soon a new terminal will be opened. Also two new berths will be built this year.

RAKIA is actively working on FIZ development and expects official opening in May 2010.

RAKIA will also start working on rehabilitation and development of Poti Airport.

I think that’s a good “minimum” for 2010 and sincerely hope that all our positive prognoses will be realized.
http://finchannel.com/news_flash/R-...uxury_Golf_Project_to_Its_Georgian_Portfolio/

I know a big article but it shows Rakeens plans for 2010 and the near future.
 
#26 ·
Rakeen Adds 5 Million USD Luxury Golf Project to Its Georgian Portfolio
Written by Madona Gasanova
15/03/2010 12:05
The FINANCIAL -- Total turnover of Rakeen projects in Georgia in 2009 was 100 million GEL. This figure includes Uptown Tbilisi , Sheraton Metechi Palace and Poti Sea Port projects. In 2010 Rakeen plans to spend 5 million USD on a luxury golf course.

Construction of the course at Mukhrovani is scheduled to begin in April and the opening is planned for March 2011.

The company hired Harradine Golf AG of Switzerland to design and build Georgia’s first 18-hole golf course near the capital Tbilisi . “We are waiting for the project offer and after we confirm the project, we plan to start building. According to our preliminary calculation, the project development will need approximately a 5 million USD budget,” Gela Mikadze, General Director of Rakeen Development Georgia and Rakia Georgia, told The FINANCIAL.

Harradine Golf, a team of highly renowned Golf Course Architects, was established in 1929 and since then has designed, constructed, re-modelled and / or supervised the construction of over 200 golf courses in Europe, Africa, Asia and the Middle East.

“We look forward to receiving Harradine Golf’s proposal in March 2010. Our affiliate Rakeen Georgia will then start construction in April, and we expect the golf course to be operational by March 2011. We strongly believe in the potential of Georgia as an investment destination and are very active there with Uptown Tbilisi , the first retail destination in Tbilisi , and other developments under way. Our sister company RAK Investment Authority complements Rakeen’s real estate projects with Poti Port and Poti Free Zone as an attractive investment opportunity with full free zone benefits," Dr. Khater Massaad, Executive Chairman, Rakeen.
“Mukhrovani Golf Village will be a unique destination for golfing and other leisure activities. The Village will start with the Golf Course, with a 5-star hotel, villas and apartments to follow in the future. We trust that this beautiful project will enrich Mukhrovani’s and Tbilisi ’s communities and instigate further investment into Georgia for sustainable development of this wonderful country.”

“The first step of the project is to develop the golf course with the necessary infrastructure. Hotel, villas and apartments are the next steps, which will need to accumulate more investments. I think this project will take the next 3-5 years to complete,” Mikadze says.

As for visitors, Mikadze thinks that it will be a good opportunity first of all for Georgians and foreigners living in Georgia, also for our neighbour countries - Armenia, Azerbaijan, Ukraine etc. “In the future, I predict that Mukhrovani will become an attractive golf resort for visitors from different countries,” Mikadze says.

Rakeen, the largest Property Developer in Ras Al Khaimah, which belongs to Rakia Group, started operation in Georgia in September 2006. Established in the United Arab Emirates (UAE) Rakeen incorporates Sustainable, Responsible, Eco-Friendly planning and design of world-class resorts and residential property development.

In an exclusive interview with The FINANCIAL Gela Mikadze, General Director of Rakeen Development Georgia and Rakia Georgia, gave his outlook regarding various projects of Rakeen Development and talked about the plans of the company in 2010. “For now the situation on the market is improving slowly, but at a good pace,” he says.

“I agree, golf is not popular in Georgia and a very limited number of people are familiar with this sport. But on the other hand, we never had this opportunity. I believe that lots of people will be interested in a good course and comfort, in a picturesque place, just a 30 minute drive from Tbilisi .

“The target customer segment is those from the middle to high classes of the population, as golf is a luxurious and elite sport.”

Q. Why was Mukhrovani chosen as the location for the project? What are the advantages that Mukhrovani has?

A. Mukhrovani is a very beautiful place close to Tbilisi (15km. east from Tbilisi ). In 2007 Rakeen purchased around 1,000 ha of farm land there. Part of the facility is being developed for agriculture and the other part will be used for the golf course’s infrastructure.

Q. 2009 showed that the whole world and also Georgia was far from its final emergence from the global financial downturn. How was it for Rakeen development, what was the main challenge for your company last year?

A. The results of the global crisis of course could not be solved in one year, but we can really see that the economy is improving step by step. The banking sector, real estate and others have started recovering and according to specialist’s prognoses, this process will continue in to the future.

Rakeen did not stop its building processes. Moreover since 2008 we partnered with IFC (International Finance Corporation) for the Uptown Tbilisi project.

Of course there was stagnation in sales as predicted following the August war. For now the situation on the market is improving slowly, but at a good pace.

Q. In an interview with FT you stated that the August 2008 war proved to be a significant problem for you but in the end you decided to stay on, however slowed down the rate of some of your projects. Please tell us in more detail, in which stage are your projects presently and when are you planning the final completion of Uptown Tbilisi , Tbilisi Heights and Vardzia?

A. Yes, as I mentioned, it was a difficult period for our company, as well as for all segment, first of all from the sales point of view. When we mention slowing down, we just temporarily stopped works on Tbilisi Heights and Vardzia sites but are planning to continue both projects next year.

Uptown Tbilisi is in an active phase. The project includes three basic segments: a trade centre, office and residential complexes. At the end of this year the first segment - Uptown Shopping Mall will be ready to host its first visitors. The whole project should be completed at the end of 2012.

As you know, since June 2008, Rakeen took over management of Mtatsminda Park. Serious works were done there and about 6 million GEL was invested. The park was reopened in March 2009 and retains its popularity even after such a long time.

Q. Why did you decide to start new construction of a course at Mukhrovani before finishing current ongoing projects?

A. Mukhrovani Golf Course is a different type of project. It could be developed in a shorter period and for the first stage needs only very reasonable investments. Also it should become attractive and accessible for a large number of people who have no alternatives for such an activity in the country.

Q. In October 2009, Rakeen Development Georgia participated in a global four day networking exhibition, Cityscape Dubai, dedicated to the real estate industry. Please reveal the concrete results that you have seen after participation in the above-mentioned exhibition?

A. Rakeen Development participated in Cityscape Dubai and was one of the most diversified, projects presented worldwide. For Rakeen Georgia it was mostly about the country’s promotion and it has since attracted lots of visitors and investors. We established very interesting contacts and believe that a large number of them will work closely with us in the future.

Tourism, real estate, banking and all other sectors are more or less depending on each other and all of them had serious problems because of the global crisis. We still believe that tourism and real estate will recover in the next year and will be promising sectors for the future as well.

Generally investors’ dependence was changed not only towards Georgia, but worldwide. Of course we must consider the unpleasant events of August 2008, but mostly it changed because of the global crisis. In spite of this, IFC invested several millions in the Uptown project in November 2008 and interest from other investors has also been growing during recent times.

Q. RAK Investment Authority paid 65 million USD for 49 percent of Georgia’s Black Sea Poti Port in December 2008, after previously winning a government competition to develop the port and acquiring a 51 percent stake. It is also set to build an airport in Poti, which hosts the country’s only special economic zone to attract investors. What is the situation right now?

A. RAK Investment Authority purchased Poti Sea Port and is creating the first Free Industrial Zone adjacent to the port. RAKIA is also working on a project of rehabilitation and development of Poti Airport.

RAKIA Georgia Free Industrial Zone has already invested around 22 million USD. The biggest part of the works has already been completed: soil testing, clearing and levelling of the land (160 Hectares), fencing, stone pitching protection, main gates for trucks and pedestrians. The Customs Complex is currently under construction and is likely to be completed by May. Simultaneously work on sewerage, power distribution, and a telecommunication network along with road building is under way.

We are planning an official opening before the end of May 2010 and what I can tell you now is that companies from different countries will be presented there, including the UAE, Armenia, Azerbaijan, Iran, Ukraine , Turkey and Georgia. We also expect to get licenses in the nearest future from Saudi Arabia, Kuwait, India, Pakistan, China and the USA.

Q. What are your company’s plans for 2010?

A. Rakeen Development is actively working on the Uptown Tbilisi project and plans to open its Uptown Shopping mall at the end of this year.

New amusement rides, like the Giant Wheel and Roller Coaster, will be delivered and opened in Mtatsminda Park soon.
Rakeen also plans to start working on the Mukhrovani Golf course project.

Rakia is working on development of Poti Sea Port and we can already see the positive results. Very soon a new terminal will be opened. Also two new berths will be built this year.

RAKIA is actively working on FIZ development and expects official opening in May 2010.

RAKIA will also start working on rehabilitation and development of Poti Airport.

I think that’s a good “minimum” for 2010 and sincerely hope that all our positive prognoses will be realized.
http://finchannel.com/news_flash/R-...uxury_Golf_Project_to_Its_Georgian_Portfolio/

I know a big article but it shows Rakeens plans for 2010 and the near future.
 
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