The investment agreement signed with Eagle Hills, under which major development projects are to be carried out in Tbilisi and Adjara — including the creation of new residential and tourism infrastructure — has been classified as a commercial secret.
This is stated in a decree issued by the Government of Georgia on October 22.
According to Georgia’s General Administrative Code, a commercial secret is information of commercial value related to a plan, formula, process, method, or any other data used in the production, preparation, or processing of goods or in the provision of services, and/or representing an innovation or a significant result of technical creativity, as well as other information whose disclosure could harm a person’s competitiveness.
The text of the agreement has been requested by Netgazeti and Batumelebi through the public information procedure. However, the classification of the document as a commercial secret means that the agreement signed with the Arab investment group will not be made public.
Projects with a total value of 6.6 billion USD are to be implemented in Tbilisi and Batumi.
According to Irakli Nadareishvili, Deputy Minister of Economy, under the agreement signed on October 22, the state will hold a 33% share in the Georgian subsidiary of Eagle Hills.
“The final documentation has been signed, establishing a joint venture through which the state and the investor enter into a partnership. This concludes a crucial phase of negotiations where all commercial terms and obligations of both the state and the investor are outlined. The project now moves to the next stage — by next summer, we expect to complete the processes of obtaining necessary permits, approving the master plan, and conducting environmental assessments. It’s quite a lengthy list of approvals and documents. Construction is set to begin next summer. The state’s contribution to the project will be in the form of land, while the investor’s contribution will consist of financing and management,” Nadareishvili said.
According to him, the state will participate in the project with 260 hectares in Gonio and 590 hectares near Tbilisi, while the investor is responsible for preparing the architectural design and securing the capital required for its implementation.
