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Azerbaijan has increased checks at land and air border points due to the threat of the virus.
Also, the Aliyev government has announced a “coronavirus hotline” for those who have travelled to China in the past few weeks.
9.2.4 Tourism corporate news
LSE-listed investment fund Georgia Capital, the largest shareholder in Bank of Georgia and Georgia Healthcare Group, has announced plans to consolidate some of its businesses into a real estate holding that will invest $560mn in the tourism industry over the next five years.
The new holding is Georgia Real Estate Holding. It will merge with the M2 Group (which will include M2 established by Bank of Georgia in 2006, and a significant player in the real estate market and construction company BK Construction) as well as the hotel and commercial property business Amber Group.
Amber Group plans to open six hotels under this brand. Georgia Capital will invest $540mn in tourism over the next five years.
Georgia Real Estate Holding will be managed by Irakli Burdiladze, who has previously held the position of CEO of M2 Group.
At a news conference, Burdiladze said that the Amber Group will focus on unique Georgian culinary offers, traditional Georgian winemaking and the international promotion of Georgia.
9.2.5 Infrastructure and construction corporate news
Czech company Green Resorts has received official permission to start the construction of a multifunctional “green city” resort in Georgia’s Black Sea resort town of Kobuleti, bringing Georgian lari (GEL)500mn (€164.60mn) in investment to the Adjara region.
Local authorities said that it would amount to the largest investment ever made in Adjara.
The Adjara government and Green Resorts signed an investment agreement for the project to be constructed on 180 hectares in Kobuleti last year.
The project includes the construction of a golf course, a football stadium, tennis courts, swimming pools, recreation zones and bicycle trails.
Besides creating sports infrastructure, the investor will build a 250-room hotel, shopping centre, parking space for 500 cars, food facilities, apartments and villas.
Some 70% of the area will be a recreation zone.
The project, scheduled to be completed by 2022, will employ more than 500 people.
9.2.6 Renewable energy sector news
LSE-listed Georgian holding Georgia Capital has announced the buyout of the 34.4% minority shareholder, RP Global, in Georgian Renewable Power Company (GRPC) that is developing two hydropower projects and two wind power projects.
As part of the buyout, Georgia Capital will pay a fixed cash consideration of $13.8mn, of which $11.8mn represents total equity contributions received from RP Global, as well as an additional consideration for RP Global's technical assistance during the last six years. An additional deferred adjustable
50 GEORGIA Country Report April 2020 www.intellinews.com
