Rakeen Georgia

completed

Rakeen Development PJSC (Rakeen), a real-estate development company based in Ras Al Khaimah (RAK) in the United Arab Emirates (UAE) is embarking on a diversification of its business operations with its first investment in Georgia. The project is to develop a mixed-used commercial property consisting of a shopping mall and two office towers, at an estimated cost of $255 million. The project will be located on a 7.3 ha site about 10 km from downtown Tbilisi, the capital city of Georgia. The project company to be established (Uptown Tbilisi) will sell each component of the project in a phased manner over a 4-5 year period. The proposed project in Georgia will be one of Rakeen’s first green field venture outside UAE and will address the growing local demand for quality property developments fuelled by Georgia’s strong economic performance in the past few years and rising income levels. The project is likely to be the first and largest mixed-use development in Georgia, and the development impact of quality business infrastructure (retail and office space) will be high.