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Development Sector Faced Serious Challenges in 2015: Tiflis Business Group Evaluates the year

Giorgi Zakaidze The head of Tiflis Business Group reviews the year of 2015, for development sector and their company.

The current year was very important for our company, as on December 27 we will launch construction of hotel Budapest that was suspended about a one year ago.

The hotel construction works near the Vake Square was halted because of confrontation between Tbilisi City Hall and the company.

After this break, on December 25 the foreign investors of the company will arrive in Tbilisi jointly with defense lawyers, all equipment and machines will be mobilized and the hotel construction works will start. We own a construction license and this license was never annulled. This is simple.

Our company has already spent about 4 million USD on the hotel Budapest project implementation, including 3 million USD was paid for the site, while 1 million USD has financed the office expenditures. We will invest 22 million USD in the project implementation.

Moreover, we started and finished the construction of a business center on Belinski Street in Tbilisi. The company has invested 5 million USD in the project implementation. This is an ultramodern center with electronic systems. We have already rented 50% of the spaces.

As to the year of 2016, our company is permanently oriented on development and implementing new projects.