MEMORANDUM WITH THE …
MEMORANDUM WITH THE GOVERNMENT OF GEORGIA
The Government of Georgia has made a decision regarding the implementation of the project Ambassadori Island Batumi. By decision of the government, the company was granted an area measuring 90 hectares in the city of Batumi, in the settlements of Bartskhana and Tamari, with the right of superficies.
Ambassadori Island Batumi will be the largest investment project in the region, which entails the creation of two artificial peninsulas and one island featuring ultra-modern resorts geared toward wellness and recreation in the coastal water zone of the settlements of Bartskhana and Tamari in Batumi, as well as the construction of the relevant infrastructure at the given locations.
New, state-of-the-art commercial, entertainment, sports, educational, wellness and medical, residential, tourist, and recreational infrastructure will be constructed within the framework of the project.
The project will be based on technical and economic studies, with due consideration of environmental aspects, which will be carried out with the involvement of international experts and institutions of the relevant qualification.
Ambassadori Island Batumi Ltd was awarded a plot of state-owned, non-agricultural land measuring 891,258 square meters adjacent to Odysseas Dimitriadis Street in Batumi with the right of non-gratuitous superficies for a period of 65 years, on the basis of the agreement on non-gratuitous superficies signed between the National Agency of State Property LEPL and Ambassadori Island Batumi Ltd on 30 September 2021.
According to the agreement, Ambassadori Island Batumi Ltd undertakes the commitment to create two artificial peninsulas and one artificial island at the site and to construct the relevant infrastructure there. The company will invest at least 100 million USD and employ up to 2,000 citizens of Georgia in order to fulfil its commitment.
