Batumi, Georgia: Dubai-based HOLM Developments has signed an international investment and development agreement with Ambassadori Island Batumi to build a 140,000-square-metre multifunctional complex with an investment exceeding $250 million. The agreement was signed by HOLM CEO Sergey Avayan and Ambassadori Island Batumi CEO Gocha Kamkia.
The deal marks HOLM’s first major international expansion beyond Dubai. The company introduced its first Georgian development, One Peninsula, at a launch event on August 28, 2026. One Peninsula is a residential project within the wider Ambassadori Island waterfront masterplan.
The broader masterplan is planned to combine residential, hospitality, retail, leisure and cultural destinations on the Batumi waterfront. HOLM says its involvement extends beyond one residential building and gives the Dubai developer a strategic position within the wider island development.
Ambassadori Island says more than 50% of the overall masterplan has already been completed, with 48 hectares of land formation finalized and construction of the first skyscraper underway.
