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Black Sea Pearl: $5 bln Project in Ajara

 UAE, American and Czech investment groups will carry out a 5.1 billion USD project in the so-called former military range territory, in the Gonio settlement, Archil Dolidze, head of the Business and Tourism International Center told the Business Contact. Mr. Dolidze has not named specific companies, though.

The project calls for developing a free industrial zone, free information and technological zone, free tourism and high-class residential zone, as well as establishing stock exchange, insurance and leasing companies, international finance institutions on a 315 hectare land plot. Moreover, the project calls for creating a free industrial zone on a 98 hectare land plot in Khelvachauri and an agroindustrial zone on 500 hectares in the Guria Region.

The Black Sea Pearl project was introduced in Batumi on February 25. A brief conceptual description and urban planning were introduced at the presentation. The Ajara government members attended the presentation.

“The near future will how whether this project is really feasible. The group representatives have held many meetings in the Region  and at the Economy Ministry in Tbilisi. Specific events will be outlined in the near future”, Batumi Council member Levan Kintsurashvili said.

The Black Sea Pearl project was announced in 2015. The company was to obtain the status of a free industrial zone in September, but the due agreement has not been signed yet.