Environmental & Social Review Summary
Project Number
26433
Company Name
RAKEEN UPTOWN DEVELOPMENT LLC
Date ESRS Disclosed
May 15, 2008
Country
Georgia
Region
Europe
Last Updated Date
Nov 30, 2016
Environmental Category
B - Limited
Status
Completed
Previous Events
Approved : Oct 1, 2008
Signed : Oct 20, 2008
Invested : Sep 28, 2009
Sector
Construction and Real Estate
Industry
Tourism, Retail and Property
Department
Regional Industry MAS LAC & EUR
Project Description
Rakeen Development PJSC (Rakeen), a real-estate development company based in the United Arab Emirates (UAE) is embarking on a diversification of its business operations with its first investment in Georgia.
The project is to develop a mixed-used commercial property consisting of a shopping mall and two office towers with underground parking, at an estimated cost of $255 million. The project will be located on a 7.3 ha site about 10km from downtown Tbilisi, the capital city of Georgia. The project company to be established, Uptown Tbilisi (Uptown or the company), will sell each component of the project in a phased manner over a 4-5 year period. The proposed project in Georgia will be Rakeen’s first greenfield venture outside UAE and will address the growing local demand for quality property developments fuelled by Georgia’s strong economic performance in the past few years and rising income levels. The project will be the first and largest mixed-use development in Georgia, and the development impact of high quality office and retail space will be high.
The project is to develop a mixed-used commercial property consisting of a shopping mall and two office towers with underground parking, at an estimated cost of $255 million. The project will be located on a 7.3 ha site about 10km from downtown Tbilisi, the capital city of Georgia. The project company to be established, Uptown Tbilisi (Uptown or the company), will sell each component of the project in a phased manner over a 4-5 year period. The proposed project in Georgia will be Rakeen’s first greenfield venture outside UAE and will address the growing local demand for quality property developments fuelled by Georgia’s strong economic performance in the past few years and rising income levels. The project will be the first and largest mixed-use development in Georgia, and the development impact of high quality office and retail space will be high.
Overview of IFC's Scope of Review
IFC’s review included:
- review of information provided by Rakeen in response to an environmental and social appraisal questionnaire submitted by IFC;
- discussion and review of Rakeen’s general approach to project design,
- review of Uptown Tbilisi Project design and drawings, reports on hydro-geologic investigation results for the excavation and engineering-geologic investigation results of the area allocated for construction;
- a visit to the project site in Tbilisi; and
- meetings with the Rakeen’s project management team, local technical consultants and contractors where environmental and social risks and management activities were examined.
- review of information provided by Rakeen in response to an environmental and social appraisal questionnaire submitted by IFC;
- discussion and review of Rakeen’s general approach to project design,
- review of Uptown Tbilisi Project design and drawings, reports on hydro-geologic investigation results for the excavation and engineering-geologic investigation results of the area allocated for construction;
- a visit to the project site in Tbilisi; and
- meetings with the Rakeen’s project management team, local technical consultants and contractors where environmental and social risks and management activities were examined.
