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Article: Recession? War? Gulf developer continues massive Georgia luxury project.(WORLD)
- Article from:
- The Christian Science Monitor
- Article date:
- February 26, 2009
- Author:
CopyrightCOPYRIGHT 2009 The Christian Science Publishing Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Dan Catchpole Correspondent of The Christian Science Monitor
TBILISI, Georgia -- Despite a war and global financial crisis, Rakeen, an Arab real estate developer in Georgia, is pressing ahead with building hundreds of luxury villas in a gated community, complete with equestrian and falconry clubs.
Since 2006, Rakeen has invested $2 billion in Georgia, which amounts to almost 20 percent of the country's prewar gross domestic product. The development company is indirectly owned by Ras al-Khaimah, one of the United Arab Emirates. Like the other emirates, Ras al-Kaimah has attempted to diversify its petroleum economy with overseas investment.
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