Summary of Proposed Investment
Project Number
26433
Company Name
RAKEEN UPTOWN DEVELOPMENT LLC
Date SPI Disclosed
May 16, 2008
Country
Georgia
Industry
Tourism, Retail and Property
Projected Board Date
Jun 19, 2008
Status
Completed
Sector
Construction and Real Estate
Department
Regional Industry MAS LAC & EUR
Environmental Category
B - Limited
Previous Events
Approved : Oct 1, 2008
Signed : Oct 20, 2008
Invested : Sep 28, 2009
Project Description
Rakeen Development PJSC (Rakeen), a real-estate development company based in Ras Al Khaimah (RAK) 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, at an estimated cost of $255 million. The project will be located on a 7.3 ha site about 10 km from downtown Tbilisi, the capital city of Georgia. The project company to be established (Uptown Tbilisi) will sell each component of the project in a phased manner over a 4-5 year period. The proposed project in Georgia will be one of Rakeen’s first green field 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 is likely to be the first and largest mixed-use development in Georgia, and the development impact of quality business infrastructure (retail and office space) will be high.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Zaza (Gela) Mikadze, General Director
Rakeen Georgia
2 Baratashvili Street 0105, Tbilisi, Georgia
Telephone: 995 32 933393
Fax: 995 32 933993
Cell: 995 99 575767
E-mail: mikadze@rakeen.ge
Rakeen Georgia
2 Baratashvili Street 0105, Tbilisi, Georgia
Telephone: 995 32 933393
Fax: 995 32 933993
Cell: 995 99 575767
E-mail: mikadze@rakeen.ge
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
Local Access of Project Documentation
The Environmental and Social Review Summary of the project will be posted on the company’s website and made available to the local community at Rakeen’s offices in Tbilisi.
Information about other community engagement activities of Rakeen Georgia can be found at the company’s website:
http://www.rakeen.ge
Information about other community engagement activities of Rakeen Georgia can be found at the company’s website:
http://www.rakeen.ge