Business
Posted:
4 years ago
Batumi View –$50 Million Project By Rekan Group Georgia At Black Sea Seaside
Rekan group Georgia, founded by Iraqi citizens in 2014, has been named among the top investor companies that have made major foreign direct investments (FDI) in Georgia in the first quarter of 2020.
According to the extract from the National Agency for Public Registry (NAPR), a 25% stake of the company is owned by Ahmad Ismail Mohammad Seian, a 50% stake is held by Muhammad Ismail Muhammad Seian and a 25% stake is held by Ahmed Ali Azeez Azeez.
As noted by REKAN Group Georgia executive director Dashti Mohammed Shukri Shukri, the company has been implementing the Batumi Views project worth $50 million in Batumi, the Autonomous Republic of Adjara.
“At this stage, we have been implementing only one large-scale project at the Black Sea seaside of Georgia. This is Batumi Views' multifunctional complex.
The total investment value of the Batumi Views project is $50 million. The complex is being constructed in Batumi, on Leh and Maria Kachinski Street N8”, the company executive director noted.
Dashti Mohammed Shukri Shukri has not specified the number of investments made in the first quarter of 2020. However, he supposed that the project’s investment value may increase.
As for the project details, Batumi Views comprises 850 apartments in three buildings, while a hotel will be built in the fourth building.
“The company signed an investment agreement with the Adjara Finance Ministry in 2014, under which land of 15,000m2 was transmitted to REKAN Group Georgia and the investor was to invest $50 million”, the company representatives noted.
The complex will employ 450 persons. The construction works started in March 2016 and three buildings of the complex will be finished soon. The Apart-Hotel will open in 2021. AS for the hotel, certain changes were made to the project. Therefore, hotel construction works will end in 2023. Negotiations are underway with the world’s leading hotel brands and the hotel brand will be specified later.
“The company signed an investment agreement with the Adjara Finance Ministry in 2014, under which land of 15,000m2 was transmitted to REKAN Group Georgia and the investor was to invest $50 million”, the company representatives noted.
The complex will employ 450 persons. The construction works started in March 2016 and three buildings of the complex will be finished soon. The Apart-Hotel will open in 2021. AS for the hotel, certain changes were made to the project. Therefore, hotel construction works will end in 2023. Negotiations are underway with the world’s leading hotel brands and the hotel brand will be specified later.
Primarily, foreign citizens are interested to buy apartments in the complex and 60% of the apartments have been sold.
“The pandemic has decelerated sales because primarily foreign citizens show interest in our project”, the company representatives noted.