Total turnover of Rakeen projects in Georgia in 2009 was 100 million GEL. This figure includes Uptown Tbilisi , Sheraton Metechi Palace and Poti Sea Port projects. In 2010 Rakeen plans to spend 5 million USD on a luxury golf course.

Construction of the course at Mukhrovani is scheduled to begin in April and the opening is planned for March 2011.

The company hired Harradine Golf AG of Switzerland to design and build Georgia’s first 18-hole golf course near the capital Tbilisi . “We are waiting for the project offer and after we confirm the project, we plan to start building. According to our preliminary calculation, the project development will need approximately a 5 million USD budget,” Gela Mikadze, General Director of Rakeen Development Georgia and Rakia Georgia, told The FINANCIAL.

Harradine Golf, a team of highly renowned Golf Course Architects, was established in 1929 and since then has designed, constructed, re-modelled and / or supervised the construction of over 200 golf courses in Europe, Africa, Asia and the Middle East.

“We look forward to receiving Harradine Golf’s proposal in March 2010. Our affiliate Rakeen Georgia will then start construction in April, and we expect the golf course to be operational by March 2011. We strongly believe in the potential of Georgia as an investment destination and are very active there with Uptown Tbilisi , the first retail destination in Tbilisi , and other developments under way. Our sister company RAK Investment Authority complements Rakeen’s real estate projects with Poti Port and Poti Free Zone as an attractive investment opportunity with full free zone benefits," Dr. Khater Massaad, Executive Chairman, Rakeen.

“Mukhrovani Golf Village will be a unique destination for golfing and other leisure activities. The Village will start with the Golf Course, with a 5-star hotel, villas and apartments to follow in the future. We trust that this beautiful project will enrich Mukhrovani’s and Tbilisi ’s communities and instigate further investment into Georgia for sustainable development of this wonderful country.”

“The first step of the project is to develop the golf course with the necessary infrastructure. Hotel, villas and apartments are the next steps, which will need to accumulate more investments. I think this project will take the next 3-5 years to complete,” Mikadze says.

As for visitors, Mikadze thinks that it will be a good opportunity first of all for Georgians and foreigners living in Georgia, also for our neighbour countries - Armenia, Azerbaijan, Ukraine etc. “In the future, I predict that Mukhrovani will become an attractive golf resort for visitors from different countries,” Mikadze says.

Rakeen, the largest Property Developer in Ras Al Khaimah, which belongs to Rakia Group, started operation in Georgia in September 2006. Established in the United Arab Emirates (UAE) Rakeen incorporates Sustainable, Responsible, Eco-Friendly planning and design of world-class resorts and residential property development.

In an exclusive interview with The FINANCIAL Gela Mikadze, General Director of Rakeen Development Georgia and Rakia Georgia, gave his outlook regarding various projects of Rakeen Development and talked about the plans of the company in 2010. “For now the situation on the market is improving slowly, but at a good pace,” he says.

“I agree, golf is not popular in Georgia and a very limited number of people are familiar with this sport. But on the other hand, we never had this opportunity. I believe that lots of people will be interested in a good course and comfort, in a picturesque place, just a 30 minute drive from Tbilisi .

“The target customer segment is those from the middle to high classes of the population, as golf is a luxurious and elite sport.”

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