In recent days, public debate in Georgia has intensified over the investment agreement signed with the UAE-based company Eagle Hills. The deal, valued at $6.6 billion, envisions large-scale development projects in Tbilisi and Adjara, including the construction of new residential areas and tourist infrastructure. The agreement has been designated as a commercial secret. The ruling party, Georgian Dream, claims that the project is flawless and that such confidentiality is standard practice in major investment deals.
Georgia is not the only country in Europe where Eagle Hills is planning, implementing, or negotiating investment projects. Similar questions and concerns surrounding the company’s investments have been raised elsewhere in Europe as well.
What Do We Know About Eagle Hills?
Spokespersons for Georgian Dream initially claimed that the investment would be brought to Georgia by the Emaar Group. However, the final agreement was signed with a different company — Eagle Hills.
Eagle Hills and Emaar are, in fact, two separate entities. Emaar Properties, founded in Dubai in 1997, counts the Government of Dubai as its most significant and most influential shareholder. The company is best known for developing some of Dubai’s landmark projects, including the Burj Khalifa and the Dubai Mall.
Eagle Hills is a private real estate investment and development company established in 2014. Although the two companies share the same founder and chairman, Mohamed Alabbar, their ownership structures differ significantly. According to media reports, Eagle Hills is primarily owned by Alabbar himself and is not listed on any stock exchange. Emaar, meanwhile, is majority-owned by the Government of Dubai and has its shares publicly traded on the Dubai Financial Market (DFM). As a publicly listed company, Emaar is required to disclose detailed financial statements and the composition of its supervisory board—requirements that do not apply to Eagle Hills.
Eagle Hills is often described as an independent yet affiliated company created to pursue international development projects, especially in markets outside of Emaar’s primary focus area, Dubai. However, Eagle Hills also operates within the United Arab Emirates, with projects in UAE cities such as Abu Dhabi and Sharjah.
On October 21, Mohamed Alabbar officially opened the Eagle Hills Georgia office in Tbilisi, located in the historic former Cinema Rustaveli building on Rustaveli Avenue.
Photo: Opening of Eagle Hills’ office in Tbilisi
Eagle Hills is involved in multiple projects across various countries, featuring a portfolio that includes multibillion-dollar developments in the Middle East, Europe, Asia, and Africa. The company’s activities are associated with projects in several nations, including Serbia, Croatia, Latvia, Albania, Hungary, Jordan, Montenegro, the United Arab Emirates, Oman, Ethiopia, Egypt, Bahrain, and others.
According to the official website of Eagle Hills Properties, the company operates in more than 18 countries. The site lists a variety of ongoing and planned developments, but it does not specify which of these projects have been fully completed.
Finding unambiguous information about the company’s completed projects is also challenging in other public sources. As mentioned earlier, Eagle Hills is a relatively young developer, established only about a decade ago. Nevertheless, available reports indicate that the company has completed several components of its large-scale developments in various countries, including the United Arab Emirates, Oman, Jordan, Bahrain, and Serbia.
Eagle Hills’ Experience in Europe
Eagle Hills’ projects have faced criticism and raised questions in several countries, with some developments ultimately never being realized.
One of the main points of criticism concerns a ‘lack of transparency’. Across different countries, critics of Eagle Hills’ projects have also argued that such large-scale developments put local infrastructure at risk and displace small businesses that cannot compete with global luxury brands. A defining feature of Eagle Hills’ approach is the waterfront city concept, which is implemented in nearly all of its projects. This involves creating large, multifunctional urban developments along waterfront areas — whether rivers, lakes, or seashores. The concept represents Eagle Hills’ signature style, emphasizing not just construction, but the creation of high-end urban centers.
Serbia
One of Eagle Hills’ most controversial projects is the Belgrade Waterfront, valued at $3 billion. The Serbian government leased the land to Eagle Hills for 99 years, with the company owning 68% of the business while the government retains a 32% stake. The project began in 2015 and faced criticism in Serbia due to opaque planning processes, the exclusion of public participation, and the transfer of state-owned land to a foreign developer. These issues sparked widespread protests. Tensions escalated in 2016 when masked individuals demolished buildings overnight in the Savamala district. A civic movement called “Don’t Drown Belgrade” was formed to oppose the project, sparking large-scale protests across the city.
Despite the controversy, Belgrade is considered Eagle Hills’ most successful project, with several buildings already completed. The Belgrade Waterfront currently includes 14 finished buildings, the 168-meter-high Kula Belgrade skyscraper, a 1.8 km pedestrian boulevard, and a 2.7-hectare park. According to the agreement, half of the project is expected to be completed within 20 years.
Montenegro
Eagle Hills also faced public backlash in Montenegro during the development of the Velika Plaža (Big Beach) project. The initial agreement between the Montenegrin government and Eagle Hills was signed in 2017; however, locals strongly opposed leasing 90 years of beachfront land to a foreign investor. The project drew criticism for its opaque procedures. The influential Montenegrin analytical center, MANS, stated that “state land is sold or leased through direct deals behind closed doors, creating enormous potential for corruption.”
Following intense public protests, Eagle Hills abandoned the original project and returned the beaches won in the tender to local entrepreneurs. In 2021, the Montenegrin government, on the initiative of the Prime Minister, unilaterally terminated the contract with Eagle Hills, citing the company’s failure to deliver the promised investments and to initiate the project. The rights to develop the area were subsequently transferred to another international developer.
After this setback, Eagle Hills shifted its focus and, in October 2025, unveiled a new large-scale eco-tourism project in Montenegro: Eagle Hills Ecovillage Shas.
Albania
In 2022, Eagle Hills signed a memorandum to implement the Durrës Yachts and Marina project in Albania. This initiative aims to transform the country’s largest port in Durrës, constructing residential areas and related services on an 80.9-hectare site.
According to the local news outlet Exit, the project is valued at $2 billion. Eagle Hills owns 67% of the shares, while the Albanian side retains 33%. The development has been granted strategic investment status for 20 years, with the Albanian government providing the land for the construction of the Durrës Marina residential complex. The project plans to build nearly 13,000 apartments—4,000 in the first phase and approximately 8,600 in the second phase.
Local media reports indicate that, in addition to providing the land, the Albanian government has exempted the company from infrastructure impact fees and obligations to contribute to the social housing fund.
Reports suggest that only a small portion of the project will be financed directly by the primary investor, Mohamed Alabbar. The majority of the residential complex is expected to be funded through sales proceeds before construction, with additional funding likely to be sourced from banks and other financial institutions.
Under the agreement, existing port infrastructure will remain state-owned. At the same time, Eagle Hills will be responsible for maintaining and managing the tourist areas, as well as for new investments, operating costs, and services.
According to Albanian media outlet Hashtag, the sale of apartments was announced at the end of 2022. Since then, the company has repeatedly initiated sales of different buildings, with prices steadily increasing to over €3,000 per square meter, up from initial prices of €1,500–€1,600 per square meter. Currently, the first three buildings of the project are under construction.
“Despite benefiting from tax incentives, including infrastructure tax exemptions and receiving a large plot of land at no cost, Eagle Hills reportedly funded its initial two years of operations primarily through the sale of apartments under construction.
Although the company presents itself as an investor, local media reports indicate it is collecting prepayments from customers, which are considered a significant component of project financing.” “In general, the company receives long-term prepayments from customers. According to the company’s assessment, these contracts include a substantial financing component,” the media report states.
Hungary
At the beginning of 2025, Eagle Hills signed a €12 billion contract to develop the Grand Budapest project on an abandoned railway site near Hungary’s capital, Budapest. The project, sometimes referred to as “Mini Dubai,” included plans for skyscrapers exempt from local building codes. It had the backing of Hungarian Prime Minister Viktor Orbán.
However, the deal faced significant criticism from Budapest’s opposition mayor, Gergely Karácsony, and urban planners, who described the agreement with Eagle Hills as “scandalous and suspiciously secretive.” Critics condemned the exemptions from local building regulations, arguing that they violated the city’s planning rules.
Mayor Karácsony urged the Orbán government to prioritize affordable housing over high-end real estate developments. As a result, the city, which aimed to create an accessible, green residential zone on the site, exercised its right of first refusal to acquire the land. Following legal and political resistance, the Eagle Hills Grand Budapest project was ultimately canceled.
Latvia
In 2024, Eagle Hills signed a memorandum of understanding with the Riga City Council to implement the Riga Waterfront project, valued at over €3 billion. The plan envisions a multifunctional urban center along the banks of the Daugava River, on the site of a former industrial port, developing a total of 57 hectares. This project aims to add more than 6,500 residential units to Riga, with implementation expected over the next 10 to 15 years. Work will be carried out in multiple phases, with the first phase already underway.
Shortly after the memorandum was signed, concerns arose within the Riga municipality regarding the developer’s actions and the project’s scale. City officials stated that Eagle Hills’ vision did not align with the concept initially agreed upon in the memorandum or with the city’s spatial planning framework. Concerns were particularly focused on dense building layouts and proposed building heights, which were deemed excessive or inconsistent with planning regulations.
Eagle Hills faced criticism for “arbitrary actions,” including launching unilateral public campaigns and placing advertisements without the required permits.
In June 2024, the Riga City Council emphasized that it had “entered into the memorandum in good faith, trusting the developer would adhere to its terms and appreciating the intention to develop the area. However, the council noted that the developer’s current conduct demonstrated arbitrary behavior, which was unacceptable to the city”.
Despite these concerns and the municipality’s consideration of canceling the memorandum, the project is still ongoing.
Croatia
Eagle Hills faced challenges in realizing its vision in Zagreb when the city’s new mayor halted the ambitious “Zagreb Manhattan” project, which his predecessor had initiated. This project aimed to create a skyline reminiscent of Manhattan along the banks of the Sava River.
In 2019, during Mayor Milan Bandić’s tenure, the city signed a memorandum of understanding with Eagle Hills to develop a “city within a city” spanning approximately 1.1 million square meters. The plan proposed building a self-contained “mini-city” complete with its own infrastructure. Supporters claimed it would introduce new public spaces and stimulate economic growth in the capital.
However, the project faced heavy criticism from architects and urban planners, who argued that it conflicted with Zagreb’s master plan and disregarded essential urban development principles. Critics also pointed out the lack of transparent, comprehensive public consultations, suggesting insufficient consideration of the public’s interests.
Corruption concerns were also raised, especially given that Milan Bandić had previously been convicted of corruption-related offenses.
After Tomislav Tomašević assumed office as mayor, the Zagreb City Council amended the city’s general urban plan in 2023 and declared the “Zagreb Manhattan” project unfeasible. Mayor Tomašević described the plan as a “playground for billionaires, where apartments are built for millionaires.” He expressed solidarity with officials in Budapest who opposed Eagle Hills’ projects, stating, “We fought the same battle in Budapest, and we won so that you can do it too.”
Despite the cancellation of the “Zagreb Manhattan” project, Eagle Hills remains active in Croatia’s real estate and hotel sectors. The company holds a 70% stake in Sunce Hoteli, which operates 11 hotels along the Adriatic coast under the Bluesun brand, and it has reached agreements with Sunčani Hvar, another major hotel operator in the country.
Eagle Hills in Georgia
Eagle Hills is said to be planning an investment of $6.6 billion in projects located in Tbilisi and Adjara, focusing on the development of new residential and tourist infrastructure.
Photo: Rendering of Tbilisi Waterfront
Representatives from the ruling party, Georgian Dream, have indicated that under a signed agreement, the Georgian government will own a 33% stake in Eagle Hills’ local subsidiary. They explained that the state will provide 260 hectares of land in Gonio and another 590 hectares near Tbilisi. The investor, Eagle Hills, will be responsible for preparing the architectural designs and securing the necessary capital for project implementation.
The project in Tbilisi, named Tbilisi Waterfront, will be developed along the Rustavi-Tbilisi Highway, in the villages of Aghthaklia and Ponichala, and will include areas within the Krtsanisi Forest Park. Eagle Hills plans to construct residential complexes, commercial spaces, hotels, and recreational zones in this area.
In Gonio, Eagle Hills plans to develop a project near the Chorokhi River estuary on the site of a former military training ground. The company intends to create an artificial lagoon in Gonio, featuring a yacht club and marina.
Photo: Rendering of Eagle Hills’ Gonio project
