Dubai-based HOLM Developments has signed an international investment and development agreement with Ambassadori Island Batumi worth more than $250 million, marking the developer's first major move outside Dubai.
September 14, 2026 | Tripti Mehta | UAE | Developer | 1 Min Read
Image Courtesy: Holm Developments
Dubai-based HOLM Developments has entered the Georgian real estate market, signing an international investment and development agreement with Ambassadori Island Batumi worth more than $250 million.
Under the agreement, HOLM will develop a 140,000 sqm multifunctional complex within Ambassadori Island, marking the company's first major move outside Dubai. The deal was signed by HOLM CEO Sergey Avayan and Ambassadori Island Batumi CEO Gocha Kamkia.
The centrepiece is One Peninsula, HOLM's signature residential project within the Ambassadori Island masterplan, a wider waterfront development combining residential, hospitality, retail, leisure and cultural components.
"This marks an important new chapter for HOLM. Georgia offers strong potential, and Ambassadori Island allows us to bring our experience and development standards to a unique waterfront destination while building a long-term presence in the region," said Sergey Avayan, CEO of HOLM Developments.
Beyond One Peninsula, HOLM has secured a broader strategic foothold within the masterplan, positioning itself for a sustained presence in the market rather than a single project, extending its platform beyond Dubai for the first time.
HOLM's Batumi entry fits a broader pattern of Gulf capital stepping into markets where Western investment has slowed. For UAE developers, Georgia's coastal and capital city projects are increasingly read as a natural extension of the region's development playbook rather than a departure from it.
Source: MEP Middle East, Holm Developments
