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Russian-Based Billionaire to Build a Sports Complex by the Tbilisi Sea

Published: December 9, 2013 | 9:35 pm
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The government of Georgia has handed a 380 000 m2 area in the 4th district of Varketili-3 to the company Tbilisi Sea Innovations, which is owned by the Russian-based billionaire Mindia Gulua, for a symbolic sum of $1000.
In return, the company has committed itself to constructing a multifunctional sports complex on a 32 700 m2 area by 1 March 2015, which shall incorporate three indoor arenas, including one with a capacity for 7000 spectators. An Olympic swimming pool and an athletics arena are also to be built as part of the investment project. Furthermore, 4 football pitches are to be constructed by 1 August 2015, which are then to become State property. The company is to invest a total of EUR 22 500 000 into the project.
The profiles of the multifunctional sports complex, the swimming pool, the athletics arena and the football pitches are to be preserved for the duration of at least 49 years.
The company Tbilisi Sea Innovations Ltd. was registered at the Public Registry at the end of August this year. Its owner, Mindia Gulua, controls 62% of the Russian vodka business. He has recently founded the company Santa Maria Holding, which is to conduct $1.35 billion’s worth of investments on the Russian and Ukrainian real estate markets.
Mr Gulua, who is a citizen of Russia, was barred from travelling to Georgia following the 2008 conflict. However, following the change in government, the businessman visited Tbilisi and founded the Renewed Georgia party. The billionaire does not hide the fact that he has far-reaching plans in his native country. In an interview for Kviris Palitra, Mr Gulua stated that he plans to purchase one of the Georgian banks, in order to buy out people’s loans and reduce the interest rates on them. Furthermore, Mr Gulua plans to build housing for IDPs both in Tbilisi and in the province. His future projects also include constructing a fruit sorting factory in the Gori region, as well as a tea processing plant in western Georgia.

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