Dubai developer enters Georgia with $250m waterfront project
The company announces to develop a 140,000-square-metre mixed-use complex
Dubai: A Dubai-based developer is expanding into Georgia with an investment of more than $250 million to develop a 140,000-square-metre multifunctional complex on Ambassadori Island in Batumi.
The investment follows an international development agreement signed with Ambassadori Island Batumi, marking the developer’s first major international expansion beyond Dubai.
The agreement was signed by Sergey Avayan, CEO of HOLM Developments, and Gocha Kamkia, CEO of Ambassadori Island Batumi.
“This marks an important new chapter for HOLM. Georgia offers strong potential, and Ambassadori Island gives us the opportunity to bring our experience and development standards to a unique waterfront destination while building a long-term presence in the region,” Avayan said.
The developer introduced its Georgian project, One Peninsula, at a launch event on August 28 attended by business leaders, international media, brokers and invited guests from Georgia and the UAE.
One Peninsula is a residential development forming part of the wider Ambassadori Island waterfront masterplan, which will include residential, hospitality, retail, leisure and cultural destinations.
The company said its involvement extends beyond the individual residential project, with a strategic position secured within the wider masterplan and a foundation established for a longer-term presence in the Georgian market.
