U.S. real estate tycoon, Donald Trump, signed a deal at a ceremony in New York in presence of President Saakashvili, to develop two towers in Georgia with an estimated worth of up to USD 300 million.
Trump will license his name in Georgia and his company will manage the two properties, but so far he has no plans to put his own investment into the deal, The New York Times reported.
“We’ll decide whether or not we want to invest,” Trump said.
The Trump Organization, company in charge of Trump’s property development, will work in Georgia with the Silk Road Group, Georgian conglomerate with business interests in transportation, telecommunications, banking and real estate, to line up financing for the project and market the towers.
The planned projects involve the Trump Tower Tbilisi on Rose Revolution Square, a formerly Republic Square; another is the Trump Riviera in Batumi. Construction, which will be overseen by the Silk Road Group, is scheduled to start in 2013, The New York Times reported.
After the signing of the deal Donald Trump appeared at a joint news conference with President Saakashvili at the Trump Tower in Manhattan on a background of a large banner reading: “Trump Invests in Georgia”.
Trump praised Georgia and its leadership saying: “This is a country with amazing leadership.” Trump, who said was thinking about running for the U.S. President in 2012 more seriously now than ever, criticized the Obama administration and said he would decide whether to run or not by June.