Rakeen Launches Real Estate Development Project in Tbilisi
Rakeen, the real estate development arm of the UAE’s Ras Al Khaimah emirate, kick-started the development of Uptown Tbilisi in a suburb of the Georgian capital.
The USD 170 million project involves an upscale shopping mall, four residential towers and two 36-storied office towers. Zaza Mikadze, general director of Rakeen Development Georgia, said at the presentation of the project on February 21 that construction was expected to be completed by 2010.
The project is part of Rakeen’s USD 1.5-2 billion investment plan in Georgia for the next five years. Other projects include Tbilisi Heights, a spa-like resort with residential and business units on a 180 hectare plot of land in Tabakhmela, outside Tbilisi, as well as hotels in Batumi, Gonio and Vardzia.
