Memorandum signed on Palm-shaped Artificial Island planned for Batumi

The largest investment project is starting in Batumi, which includes the creation of two artificial peninsulas and one island of ultra-modern entertainment and recreation type and the arrangement of infrastructure on them. The company Ambassador will invest $ 100 million in the first phase of the project, which will employ 2,000 people.

The presentation of the investment project was held today. Memorandum of Understanding was signed between the Ministry of Economy and the Ministry of Sustainable Development of Georgia, the Government of Ajara and the company Ambassador, which envisages the implementation of the investment project by the parties.

The Government of Georgia has already made a decision on the implementation of the "Ambassador Island" project in Batumi. According to the decision of the government and the relevant decree, the company will be given the right to build a 90-hectare area in Bartskhana and Tamari settlements in Batumi.

Detailed technical-economic research will be carried out, which will involve international experts and institutions of relevant qualification. The project will be implemented entirely with private investment. The project will build new commercial, entertainment, sports, educational, health-improving, residential and tourist-recreational infrastructure of modern standards.