The FINANCIAL — Company Rakeen Development held presentation of the project of construction in Tbilisi of the large centre Up Town Tbilisi. Trade and office centres as well as dwelling areas will be located there, company said. The presentation was held yesterday in Sheraton Metekhi Palace Hotel.
Construction of the Up Town Tbilisi centre has started in Tbilisi Digomi district. The area the largest in the South Caucasus modern trade centre Up Town Mall will make 200 thousand square meters. The centre includes the office centre of the area of 70 thousand square meters. The project of construction of the centre of total cost of about $150 million is planned to be completed in 2010.
Rakeen Development purchased in 2007 both real estate and movable property of Joint Stock Company (JSC) Maritime Bank of Georgia at $4 million. Rakeen Development also purchased in 2007 Hotel Metechi in Tbilisi, the Georgian-Austrian Joint Venture Metechi Ltd, at $67,5 million. Besides investments in the four-star hotel, the Arabian Emir invested several million in construction of real estate in picturesque Tabakhmela (near Tbilisi). Emir Sakr al-Kasim is participant of other projects of total $1,5 billion investments.
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