RAKEEN Development Arab company plans to invest 20 million USD in construction of a micro settlement in Vardzia.
Tengiz Bendukidze, commercial director for RAKEEN Development, told GBC a hotel of 160 suites and 26 villas will be constructed in the settlement. The management of Tbilisi Sheraton Metechi Parlace will carry out the asset management.
Projects have been already developed and the construction site preparation works are underway, he noted.
RAK Group is a Georgia-based representation of RAKIA Investment Group, which is one of the most major investors in Georgia with an investment portfolio of 2 billion USD.