Speaking to REAL FDI at Mipim, Gocha Kamkia, chief executive officer of Ambassadori Island Batumi, set out plans to deliver a 102-hectare artificial island development on Georgia’s Black Sea coast.
The project combines real estate, infrastructure and a long-term smart city strategy aimed at international investors.
He described the project as “the address of the Black Sea”, positioning it as both a lifestyle destination and an investment platform, with around half of the scheme already completed and commissioned. The development has attracted close to $1 billion in international investment to date.
“We are here with our strong results and we are seeking new opportunities [to share] our international success,” he said, adding that the company is “reshaping people’s understanding of the hospitality business in Georgia and getting it to the new stage of development.”
Kamkia emphasised that the company operates an integrated model rather than simply selling land. “We are not a simple land selling company. We make integrated investment opportunities,” he said, outlining a process that includes land allocation, business concept development, permitting and execution.
This structure, he said, creates a “business-friendly environment” that allows international investors to enter the market and “send the world the signal that island land works.”
The project is being positioned as a long-term urban development anchored in a smart city concept developed with global partners. “We have the strategy to integrate their first smart city concept,” he said, adding that the firm is “a completely data-driven company” drawing on more than 20 years of experience.
Kamkia said projections indicate Batumi’s population could increase by around 100,000, supporting long-term demand if “we create the right environment for thinking and giving opportunities.” He added that the company is currently among the “best sellers of real estate in the Black Sea region,” across both apartments and investment land.
Development activity on the island includes a 58-floor multifunctional tower and a 120,000 sq m shopping mall, designed to create strong footfall. The scheme is also attracting international brands, with Tonino Lamborghini positioning on the island.
Future phases include a marina that would become Georgia’s first yacht club, alongside education and healthcare facilities, business centres, hotels and residential assets. “The real estate market will really grow in Georgia in a fast way,” Kamkia said.
He linked this outlook to macroeconomic performance, noting: “In 2024, for example, Georgia had a growth of 10% yearly GDP, which is a world record,” adding that this creates the conditions for “bold decisions” and international capital inflows.
The development is being delivered with a network of global partners. Arup is working on the masterplan and smart city concept, including collaboration with teams in Turkey and German experts. SHoP Architects, a New York-based firm, is leading on design, while feasibility studies are being conducted across teams in Tbilisi and London.
Kamkia also highlighted the experience of infrastructure partners involved in the project, including firms that have delivered large-scale projects in more than 60 countries and developed international airports on artificial land in the Black Sea region, demonstrating the feasibility of such schemes.
“We have for that passion, reason, numbers and our international friends,” he said.
He added that platforms such as FIABCI provide an opportunity “to declare our results, bring our voice from the Black Sea and display what kind of unparalleled real development we have in our region.”
Looking ahead, he framed the project as a signal to global capital. “We created all the environment and systems to develop Western understanding and structuring such kind of systems of business,” he said.
Kamkia concluded: “We are very confident that we will execute this project in the near future.”
Source: https://realassetinsight.com/
