The deputy ruler of the Gulf emirate of Ras Al-Khaimah (RAK), Sheikh Saud bin Saqr Al-Qassimi, is visiting Georgia to look into further investment opportunities.
Ras Al-Khaimah, which is in the north of the United Arab Emirates (UAE), is the source of a number of investment projects in Georgia, through its real estate company Rakeen Development.
On June 16 the RAK deputy ruler visited Georgia’s Black Sea port of Batumi in Adjara and on the same day he held a presentation of a real estate development plan in Tabakhmela, near Tbilisi.
The plan - Tbilisi Heights - envisages the development of a spa-like resort with residential and business units on a 200,000 square meter plot of land in Tabakhmela.
A similar development plan - Uptown Tbilisi - is envisaged on a seven hectare plot of land in Tbilisi’s Digomi district.
Rakeen purchased for USD 67.5 million the Sheraton Metechi Palace hotel in Tbilisi last week at an auction organized by the Economy Ministry.
The Gulf emirate reportedly plans to invest a total of USD 1.5 billion in Georgia through Rakeen Development.
"We have big plans for Georgia," Imad Haffar, Chief Operating Officer of Rakeen, was quoted by GulfNews as saying on June 11.