Kobakhidze, GD Ministers Take Year’s First Foreign Trip to UAE
For his first official trip of the year, Georgian Dream Prime Minister Irakli Kobakhidze, accompanied by several cabinet ministers, is visiting the United Arab Emirates from January 12-15.
He is participating in Abu Dhabi Sustainability Week (ADSW), a summit where he is expected to speak on a panel about the Middle Corridor and the role of energy in connecting Europe and Asia. Kobakhidze is also scheduled to meet with representatives of what his administration described as “major investment firms.”
The Georgian Dream delegation includes Foreign Minister Maka Botchorishvili, Economy Minister Mariam Kvrivishvili, Agriculture Minister Davit Songhulashvili, Justice Minister Paata Salia, as well as the Head of the Government Administration, Levan Zhorzholiani.
The trip comes amid deepening business ties with the UAE and the planned investment by Emirati company Eagle Hills, a project that has raised numerous questions and concerns among government critics, even as Georgian Dream leaders hail it as the “largest” investment in the country’s history.
Kobakhidze arrived in Abu Dhabi on January 12 and was welcomed by Saeed bin Mubarak Al Hajeri, the UAE Minister of State for Foreign Affairs.
Meeting with Abu Dhabi Ports Group
On January 12, Irakli Kobakhidze met with Abdulaziz Zayed Al Shamsi, regional CEO of Abu Dhabi Ports Group.
“The meeting focused on the importance of the Middle Corridor transport and logistics route and, in this context, the role of the Tbilisi Dry Port project, which was implemented with investment from Abu Dhabi Ports Group,” the Georgian government administration said in a press release.
The sides highlighted the Tbilisi Dry Port as an “example of successful partnership,” noting that the facility began operating last year and connects production hubs in West Asia to consumer markets in Eastern Europe through a network of sea and dry ports across Georgia, Turkey, Azerbaijan, Armenia, and Kazakhstan, according to the release.
The press release said Abu Dhabi Ports Group holds a 60% stake in the Tbilisi Dry Port and manages the logistics hub. “To date, the company has invested USD 16 million in the project, with the investment volume expected to increase as the project develops,” the release said.
The government press release described the company as “a major global player in the maritime and logistics sector, operating world-class ports, logistics centers and industrial zones,” adding that it operates across the Middle East, Europe, Asia, and Africa and employs more than 6,000 people.
Meeting with PRYPCO
On January 12, Irakli Kobakhidze also met with Amira Sajwani, Founder and CEO of PRYPCO, a UAE-based real estate technology company.
“The meeting focused on Georgia’s favorable investment climate, recent trends in economic growth, the country’s tourism potential, and the steps taken by the Government of Georgia to introduce innovative technologies across various sectors,” the Georgian government administration said in a press release.
According to the official report, “a Memorandum of Cooperation (MOC) on the introduction of innovative technologies in the real estate sector was signed by PRYPCO and the Georgian authorities following the meeting.”
“The project aims to encourage investments in the real estate sector and to introduce a secure and transparent tokenization process related to property rights, in compliance with the existing legislation of Georgia.”
Meeting with DAMAC Properties
On January 13, Irakli Kobakhidze met Hussain Sajwani, founder of the DAMAC Properties, which the government administration described as “one of the largest investment companies.”
“The meeting focused on Georgia’s strong economic growth indicators and the successful operation of major investment companies from the United Arab Emirates in Georgia,” the Georgian press release said. It added that “the country’s favorable business environment and investment opportunities” were highlighted during the discussion.
According to the release, “DAMAC Group is a leading hotel and real estate developer in the Middle East, operating in 15 countries, with annual revenues exceeding 4 billion USD and a workforce of over 4000 employees.”
Botchorishvili Meets UAE Foreign Minister
Maka Botchorishvili met with Saeed bin Mubarak Al Hajeri, Minister of State at the United Arab Emirates Ministry of Foreign Affairs, on January 12.
“During the meeting, the ministers underscored the friendly and partnership-based relations between Georgia and the United Arab Emirates,” Georgia’s Foreign Ministry said. “The discussions also addressed cooperation in the field of investment, the further deepening of trade and economic ties between the two countries, and the strategic importance of the Middle Corridor.”
The ministers also reviewed “the regional and global security environment and related challenges,” stressing the importance of joint efforts. They reaffirmed their readiness to continue and further intensify fruitful cooperation between the two countries, the release noted.
More to follow…
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- 11/10/2023 – Georgia and UAE Sign Comprehensive Economic Partnership Agreement (CEPA)