Georgian PM defends Eagle Hills project, claims state ‘bears no financial risk’

Prime Minister Irakli Kobakhidze, speaking in Parliament during an interpellation hearing on Wednesday, defended the Eagle Hills development project, emphasizing that the Georgian state assumes no financial obligations or guarantees under the agreement.

The PM said the Eagle Hills and its parent ecosystem -  including Emaar, the developer behind many of Dubai’s “most iconic projects” - have played a decisive role in the city’s economic rise. Kobakhidze described the companies as the creators of the “Dubai miracle,” noting that their large-scale developments have repeatedly expanded Dubai’s tourism and economic potential.

He stressed that Eagle Hills is a globally recognized brand, and its entry into Georgia sends “a clear signal” to other major international investors. Kobakhidze also criticized those questioning the developer’s reputation, saying such criticism comes from individuals with “problematic business and political backgrounds.”

“When you walk through central Dubai, you will see that around 80% of the buildings were constructed by this company - including the tallest building in the world, the Burj Khalifa,” Kobakhidze said, underscoring the developer’s international standing. He added that Eagle Hills has successfully implemented large projects in a number of other countries.

The Prime Minister detailed the structure of the partnership, stating that a joint company will be established for the project. The Georgian state will hold one-third of the shares, contributed through land parcels, while Eagle Hills will own two-thirds.

“Georgia takes on no financial commitments, no guarantees, and no special conditions in favor of the partner company. The investor is fully responsible for financing and managing the project,” Kobakhidze said. “This is essential for understanding the transparency and the substance of the agreement.”

Kobakhidze added that the arrival of Eagle Hills in Georgia is expected to have several positive spillover effects, including increased investor confidence and broader economic benefits for the country.