Ras Al Khaimah real estate developer Rakeen is to invest $1.5 billion in three projects in Georgia, according to its chief executive.
Khater Massaad said state-owned Rakeen is working on a 200,000 square metre residential and business complex, called Tbilisi Heights, and a business and entertainment centre in the Georgian capital of Tbilisi, reported Emirates Today on Sunday.
Rakeen has also purchased the Sheraton Metekhi Palace hotel in Tbilisi for $67.5 million, Massaad said.
“We see great opportunity in Georgia,” he told Emirates Today.
The investment is part of $3 billion that Rakeen has earmarked for overseas expansion.
The company is already working on a project in Iran to build a shopping mall, hotels and office and residential towers, and is also evaluating a number of projects in India and Eastern Europe.
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