New Investment in Batumi Boulevard

An additional USD 40 million (84 million GEL) is to be invested in the development and reconstruction of the New Boulevard of Batumi, reported the Chairman of Adjara Government, Archil Khabadze. According to the project, various tourist facilities will be built, such as hotels, but 50 percent of the territory will be allocated to a tourist-recreation zone.

32,000 square meters of the New Boulevard of Batumi had previously been put up for auction with a starting price of USD 2.3 million (5 million GEL). Orbi Group Millennium Construction Company bought it for USD 4.3 million (9.3 million GEL).

In addition, members of the Adjara Government noted that USD 520 million (1100 million GEL) had already been invested in the New Boulevard’s reconstruction in the first quarter of 2016. There are four hotels currently under construction, and another is to be added shortly. As a result, the city will receive 1,700 new rooms in total, and about 2,600 local residents will be involved in the projects.

“Investment processes in Adjara are developing quite actively. The New Boulevard did not function for many years, yet now several large investment projects are underway there,” said David Baladze, the Minister of Finance and Economy of the Autonomous Republic of Adjara. “In addition, the recent purchase by Orbi Group once again demonstrates the interest and economic development in the region. Based on this, we may well say that there is an investment boom happening,” he added.

Eka Karsaulidze