Eagle Hills founder highlights economic, employment benefits of $6.5 billion project in Georgia

Mohamed Alabbar, the founder of real estate development company Emaar Properties, on Tuesday outlined the significant economic impact of the company’s flagship urban development project in Georgia, including job creation, tax revenue generation, and a boost to the country’s GDP.

In his remarks, Alabbar noted that the construction phase of the Eagle Hills project would create 30,000 jobs and generate an estimated $3.5-4 billion in Government revenue.

“During the construction phase of the Eagle Hills project, 30,000 jobs will be created, and the state budget will be able to mobilise tax revenues, estimated at the equivalent of $3.5 to 4 billion”, he said.

Alabbar emphasised that the project, with a total investment of $6-6.5 billion, would directly contribute to Georgia’s economic growth, potentially increasing GDP by 5%.

“If we look at what has been done in large-scale projects over the past 30 years, totalling $6-6.5 billion, the effect on the host country’s economy has been fourfold. Everything we do within this initiative - purchasing materials, stocking supplies, hiring specialists, engaging architects, contracting, etc. - will be done locally”, he continued.

He also noted that the project was expected to positively affect the tourism sector, attracting at least half a million visitors and fostering new business opportunities.

“It is noteworthy that 30,000 people will be employed during the construction process; in other words, the construction phase alone will create 30,000 jobs. Regarding benefits for the government sector, the state budget will be able to mobilise tax revenues equivalent to $3.5-4 billion. An urban development project of this kind increases the country’s economic growth by 5%. When we refer to the GDP, this is precisely what is meant. A single project of this scale can boost the country’s GDP by 5%”, Alabbar said.

Alabbar further discussed the project’s impact on the tourism sector, noting that a project of this scale could attract at least half a million tourists.

“I speak from the experience of all countries where we have implemented such projects. Massive and responsible urban development projects attract investments from around the world. In addition to investments, they attract tourists. Each of our projects creates opportunities for 1,000 new businesses. We build schools and parks. We create architectural and design landmarks in the host country. This creates a vibrant, lively place, and we do this very well. We love doing it and creating a beautiful environment”, he noted.

He expressed his appreciation for Georgia’s reception and reaffirmed the commitment to making Eagle Hills a landmark initiative.

“I am very pleased with the warm reception we have received in Georgia, and we will strive to make this initiative the best project possible”, he concluded.