PM Kobakhidze: Eagle Hills project to deliver ₾11bln direct boost to Georgia’s economy

Georgian Prime Minister Irakli Kobakhidze on Sunday said UAE-based global developer Eagle Hills would begin construction in Krtsanisi and Gonio in the coming months, launching what he described as the “largest investment project in Georgia’s history”, valued at $6.6 billion.

Kobakhidze said the scale of the project would have a profound and direct impact on the welfare of Georgian citizens.

The project includes the construction of around 16,000 residential units, over 1,400 hotel rooms and apartments, as well as office, retail, entertainment, sports and other commercial spaces.

The Prime Minister highlighted several key areas where the project will directly benefit the public:

• Employment: Over 24,000 jobs will be created during the construction phase and more than 8,000 permanent jobs after completion. Kobakhidze noted that Georgian construction companies will directly implement the project, further stimulating the domestic business sector.

• Economic impact: The project’s direct contribution to Georgia’s economy will amount to about ₾11 billion ($4.07bln), Kobakhidze said.

• State revenue: From the start of construction, the state budget is expected to receive at least ₾500 million ($185.23mln ) annually in tax revenue. Under the agreement, the state will also receive 33 percent of the project’s profits, bringing an additional ₾2 billion ($737,000) over 10 years, averaging ₾200 million ($74.09mln) per year.

Kobakhidze added that the Eagle Hills development would support Georgia’s tourism sector, creating new tourism products and attractions. This, he said, would be particularly important for the Adjara region, helping it evolve into a year-round destination.