“During the construction phase of the ‘Eagle Hills’ project, 30,000 jobs will be created, and it will be possible to mobilize tax revenues for the state budget, estimated at $3.5–4 billion,” said Mohamed Alabbar, founder of Eagle Hills, after a meeting with Georgian Prime Minister Irakli Kobakhidze.

He added that such an urban development project would contribute 5% to the country’s economic growth.

“If we look at what I have done over the past 30 years in large-scale projects - within the range of $6–6.5 billion - the effect on the host country’s economy has been fourfold; this information is verifiable and can be checked online. The effect of a $6–6.5 billion investment would be multiplied by four. So practically, we are talking about $24 billion. This means that everything we do within this initiative - purchasing materials, stocking supplies, employing specialists, hiring architects, contractors, etc. - will be done locally.

Significantly, 30,000 people will be employed during the construction phase; that is, 30,000 jobs will be created during this stage.

Regarding benefits to the government sector, it will be possible to mobilize tax revenues for the state budget, estimated at $3.5–4 billion.

Such an urban development project adds 5% to the country’s economic growth. When considering the total GDP, this is precisely what is implied. A single project of this scale can increase a country’s GDP by 5%,” Alabbar noted.

He also discussed the impact of the initiative on tourism, emphasizing that a project of this magnitude could attract at least half a million tourists.

“Based on experience in other countries where we have implemented similar projects, such massive and responsible urban development initiatives attract investments worldwide. In addition to investment, they draw tourists. Each of our projects creates opportunities for 1,000 new businesses. We build schools and parks, create architectural landmarks and objects with extraordinary design in the host country. In this way, a vibrant space emerges, and we excel at this. We love doing this and creating a beautiful environment.

I am very pleased with the warm reception in Georgia, and we will strive to make this initiative the best project,” Mohamed Alabbar concluded.