Emirates leading investor
By Messenger Staff
Thursday, September 24Several different countries have held the title of Leading Investor in Georgia at different times. In 2006 it was Russia, in 2007 Kazakhstan and China in 2008 and 2009 the United Arab Emirates has led.
The first capital from the UAE appeared in Georgia in 2005, USD 280,000, and the following year the Emirates invested USD 422,000 in Georgia. In 2007 it invested in Georgia almost USD 131 million, and in 2008 over USD 306 million. In 2009 it has invested over USD 73 million and is in fact the only big investor left in Georgia.
Though UAE investments have increased independent analysts think that so far not much is being done with them. The biggest Arab investment has been in Poti port and the creation of a free industrial zone in the area, but so far nothing tangible has appeared there and Poti portís turnover has actually decreased since the Arab entry. Maybe however the reason for this has nothing to do with Arab investments, as the fallout from the Russian invasion and the global financial crisis are the major reasons why the Georgian economy is growing slowly.
Different Arab groups have invested in different areas of the Georgian economy. Rakeen Georgia has bought 90% of Imedi TVís shares. The Abu Dhabi Group has purchased Standard Bank, which now trades as Kor Standard Bank, and is planning to reconstruct the Imeli building on Rustaveli Avenue as a Kempinski hotel, due to open in 2012.