Georgia attracts huge investment from Qatar

DOHA: Georgia, which was so far attracting tourists, has now begun to attract investments from the Qatar. A joint venture between large Qatari construction companies are investing around QR180m-QR220m in real estate in Tbilisi, the capital of Georgia, which is the biggest investment in the country’s real estate sector from Qatar.

“The joint venture project will be developed by Amar Development in Georgia. The project involves construction of a mall and two towers and the entire project entails investment of around $50-60m (QR180m-QR220m).

This is the largest single investment from Qatar to Georgia till date,” Petre Geladze, Managing Director of Riverside Group told The Peninsula. “We have finished the designing part of the project and construction is expected to start in August,” he added. He was in Doha to participate in real estate exhibition Cityscape Qatar which concluded last week.

The project, named ‘Landmark Tbilisi’, will be a mixed type development.

“We are in Doha to promote Georgia as investment opportunity and not just a tourism. We are representing some real estate companies that we think have the best real estate project right now. We have exclusive contracts with these companies and we sell their projects,” he added.

He said that investing in Georgia will offer more return on investment to investors compared to investing in developed countries.

“Lot of Qatari are afraid of investing in newer countries and they prefer to invest in a more in US, UK, and Canada and but they get lower return on investment from these investment. But because Georgia is a new country and development is going on, it offers more return on invesment,” said Geladze.

“We have seen a strong interest from Qatar. Most of the people think Georgia is just a good for tourism and not many consider as a country to invest in.”

“We are trying to change this perception because we think Geogia is very good opportunity for investors rather than just tourism,” Petre Geladze (pictured).

Both countries are working to strengthen bilateral relations. Last month, Ambassador of Qatar to Georgia, Mubarak bin Nasser Al Khalifa said that an agreement between Qatar and Georgia to enhance and protect investments would be signed soon.

In November 2016, a Georgian delegation led by Nino Berzuli– Head of Delegation Deputy Minister of Labor, Health and Social Affairs of Georgia, had met Qatar Chamber Vice-Chairman Mohamed bin Ahmed bin Twar.

The meeting reviewed investment opportunities and potentials in Georgia in health sector and inviting Qatari businessmen to establish joint ventures with their Georgian counterparts.

Trade exchange between Qatar and Georgia increased 81 percent, $1.05m from January to August 2017, compared to the same period in 2016.