от дажомс 
Introduction
Emaar Properties PJSC is one of the Middle East’s largest real‑estate developers, best known for Burj Khalifa and Dubai Mall in the United Arab Emirates. This article introduces Emaar, explains its financial scale and stock‑market presence, examines its track record on projects outside the UAE, and analyses why its proposed investment in Georgia (via sister company Eagle Hills) could reshape the Georgian real‑estate landscape.
Who is Emaar?
Market cap and stock‑market status
Emaar is not listed in the United States or Europe; its primary listing remains in Dubai. As of late 2025 its market capitalisation hovered around AED 123‑130 billion (approx. US$33‑35 billion)【1†L0-L6】. Recent results show the company in solid financial health: half‑year 2025 property sales were up 46 % year‑on‑year to AED 46 billion, with net profit up 33 % to AED 7.08 billion, and a backlog of AED 146.3 billion
Emaar’s projects outside the UAE
Although Dubai remains its home base, Emaar has delivered several major projects abroad. A few notable examples include:
Egypt – Emaar Misr
- Uptown Cairo – A gated hill‑top community with villas and apartments; one of the country’s premier master‑planned developments
- Marassi (North Coast) – A 6.5 million m² resort city on Egypt’s Mediterranean shore
Türkiye – Emaar Square, Istanbul
Emaar developed Emaar Square in Istanbul, a mixed‑use district anchored by a large shopping mall and a luxury hotel. The development is among Turkey’s biggest mixed‑use projects and helps diversify Istanbul’s retail and tourism offer
India – Emaar India
In India, Emaar has been active since 2005 through Emaar India, delivering residential and commercial projects across Gurugram, Mohali, Lucknow, Jaipur and other cities. Recent projects such as Urban Ascent and Amaris (Gurugram) reflect continued investment in the market
Economic impact abroad
Large‑scale Emaar projects typically spur construction employment, expand tourism capacity and attract complementary investment. In Egypt, for example, the company’s North Coast and Cairo developments have created thousands of jobs and generated significant foreign direct investment. In Türkiye, Emaar Square brought new retail and hospitality options to Istanbul
What’s being built in Georgia?
Media headlines often reference Emaar when discussing Georgia’s mega‑project, but the definitive agreements signed in October 2025 are actually with Eagle Hills, a privately held Abu Dhabi developer chaired by Mohamed Alabbar (founder of Emaar). Eagle Hills and the Georgian government plan two master‑planned developments:
- Tbilisi Waterfront – A mixed‑use riverfront district in the capital.
- Gonio Yachts & Marina (Adjara/Batumi) – A large marina city on the Black Sea coast.
The total investment is projected at US$6.5–6.6 billion. The agreements stipulate that the State of Georgia will hold a 33 % stake in the joint venture, with Eagle Hills holding the remainder
Timeline
The Memorandum of Understanding was signed in January 2025; definitive agreements followed on 22 October 2025. A presentation centre opened in Tbilisi later that month, and sales/marketing are underway. Construction timelines have not been publicly confirmed but are expected to commence within the following year pending permits
Georgia real‑estate outlook and projections (2026‑2030)
Current market snapshot (2025)
- Tbilisi: The Residential Property Price Index (RPPI) rose 7 % year‑on‑year in Q3 2025 and is up 57 % versus 2020. Transaction volumes softened in early 2025 but prices continued to edge higher
- Batumi: Sales growth was robust, with 1H 2025 primary market transactions up 13.1 % and secondary market transactions up 23.4 %. Prices increased accordingly, supported by tourism‑led demand
Five‑year projection (indicative)
These projections are not investment advice but draw on current trends and macro assumptions.
| Market | Base‑case price CAGR, real (2026‑2030) | Upside scenario |
|---|---|---|
| Tbilisi (new‑home price index) | 4–6 % | 7–8 % if infrastructure around Tbilisi Waterfront is delivered on time and foreign‑buyer share persists |
| Batumi/Adjara | 5–7 % | 8–10 % if marina/hospitality keys and branded residences land early and tourism growth remains robust |
Rental yields in resort markets are likely to stay above regional medians thanks to strong short‑stay demand. However, investors should monitor mortgage affordability, potential oversupply in luxury segments and the pace of infrastructure delivery
Will an Emaar‑style playbook work in Georgia?
Several factors suggest the strategy can succeed:
- Brand & expertise: Emaar/Eagle Hills bring global brand recognition and a proven playbook for master‑planned communities. This can attract local and foreign buyers and lift standards in design and construction.
- Differentiation: Georgia currently has few large integrated developments; a world‑class project could stand out.
- Tourism & urbanisation: Batumi’s tourism boom and Tbilisi’s growing population provide demand for high‑quality real estate.
- Government alignment: The state’s 33 % stake aligns incentives and may help unblock infrastructure bottlenecks.
Nevertheless, success is not guaranteed. Demand must keep pace with supply, macro and currency risks must be managed, and public infrastructure must be delivered alongside private development. Transparent governance and realistic phasing will be critical.
Conclusion
Emaar Properties is a heavyweight developer with a strong balance sheet and a track record of delivering landmark projects across the Middle East and beyond. Its affiliate Eagle Hills plans to invest more than US$6 billion in Georgia’s first mega‑scale master‑planned developments, with the state holding a 33 % stake. If executed well, these projects could transform Tbilisi and Adjara, boost Georgia’s real‑estate sector, and create thousands of jobs. Careful execution and alignment with local market realities will determine whether the opportunity is fully realised.
Sources / Links :
https://properties.emaar.com/en/investor-relations/emaar-properties-pjsc/share-informatio
https://www.investing.com/pro/DFM%3AEMAAR/explorer/marketcap
https://companiesmarketcap.com/emaar-properties/marketcap
https://www.emaarmisr.com/en/our-communities/uptown-cairo-egypt
https://www.emaarmisr.com/en/our-communities/marassi-north-coast-egypt