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Buying Georgia

The unregulated infusion of UAE petrodollars could prove corrosive and cancerous to Tbilisi

February 25, 2025

7 min read

February 25, 2025

7 min read

On January 13, at Abu Dhabi’s Radisson Blu Hotel, three MPs from Georgia’s ruling Georgian Dream party roughed up a fellow countryman, Lasha Gabitashvili, after he called them ‘traitors’ and ‘Russian slaves’.

Considering the sheikhdom’s zero-tolerance policy towards disturbances to public order, the MPs in question—Irakli Zarkua, Viktor Zanikidze and Gela Samkharauli—were somewhat fortunate to have got off lightly with a mere fine.

Though it is unclear whether diplomatic immunity left local authorities no choice but to effectively give them a slap on the wrist for the kind of thuggery that would have landed most foreign guests in jail, Tbilisi’s recent courtship of the UAE Government may better explain such uncharacteristic leniency.

Later that month, Georgian Prime Minister Irakli Kobakhidze paid acourtesy call on strongman Emirati President Mohammed bin Zayed Al Nahyan in the federation’s capital.

Admittedly, Kobakhidze’s working visit to Abu Dhabi was not about damage control but rather tapping into alternative, emerging markets for foreign direct investment (FDI)as Georgia finds itself on a collision course with both the United States and the European Union over democratic backsliding.

His trip, in that regard, was a resounding success not least since he ended up finalising a six billion US dollars deal with UAE-based property developer Eagle Hillsthe largest ever post-independence capital injection into the Georgian economy meant to serve as a catalyst for other regional investors to follow suit.

This multi-city giga-project comes on the heels of Abu Dhabi-headquartered AD Ports Group acquiring a 60 per cent majority stake in Tbilisi Dry Portlast March and the ratification of a Comprehensive Economic Partnership Agreement (CEPA)between the UAE and Georgiashortly thereafter.

While the Emiratis are understandably eager to capitalise on Georgia’s strategic location along the ‘Middle Corridor’, the big-ticket real estate ventures they are pursuing in Tbilisi and Batumi against the backdrop of major domestic unrest is highly suspect.

Bullish on ‘New Europe’

It is no secret that the UAE has been probing for soft tissue and seeking to export its ‘authoritarian stability’ template to Central and Eastern Europe. Implicit in Georgian Dream’s ‘War or Peace’ sloganeering was how the ensuing erosion of civil liberties and press freedom would be more than offset by assured insulation from future Russian aggression.

Billionaire oligarch and party founder Bidzina Ivanishviliis largely responsible for ramming this social contract down the throats of ordinary Georgians and overseeing unprecedented human rights abuses against those at odds with their country’s current geopolitical orientation.

Eagle Hills’ chairman Mohamed Alabbaris known to be especially bullish on what he describes as ‘New Europe’, having launched luxury residential complexes such as the Belgrade Waterfront in Serbia, Riga Waterfront in Latvia and Durrës Yachts and Marina in Albania.

More recently, however, his grand plans to build a 12 billion US dollars ‘Mini Dubai’ neighbourhood in Budapest that would have included Europe’s tallest skyscraper went up in smoke amid fierce opposition from the Hungarian capital’s mayor Gergely Karàcsony.

The city council’s grounds for exercising its preemptive rights and throwing a spanner in the works were the ‘flagship project’s’ aesthetic incongruity with Budapest’s skyline as well as apprehension about the potential embezzlement of state funds. Meanwhile, Alabbar was handed a long overdue reality check.

Leverage

Nevertheless, Eagle Hills’ preparedness to bet big on Georgia just as Georgian Dream consolidates power and democracy remains in retreat is a noteworthy case of Abu Dhabi advancing its interests beyond West Asia.

Affluent Russians who relocated in droves to Tbilisi and Batumi following the September 2022 partial mobilisation drive will likely constitute the lion’s share of takers for its high-end condominiums.

Already the sixth largest investor in Georgia and its biggest trading partner in the Arab League, the UAE will enjoy even greater leverage over the Black Sea nation upon completion of the Krtsanisi Parkin Tbilisi and Gonio Marina in Batumi.

The risk, of course, is that Abu Dhabi might weaponise Eagle Hills’ burgeoning property empire and other onshore holdings by private Emirati companies to impose its will on Georgian society at large and encourage Georgian Dream to further stifle dissent.

Seeing as holidaymakers from the Middle East are a key target audience for Georgia’s tourism industry, the UAE could take steps to dissuade its citizens and residents from vacationing there by scaling back direct flights and issuing travel warnings or bans in light of continued, large-scale demonstrations.

At the same time and mindful of its deeply conservative native population, the Emirati leadership is bound to welcome and fuel prevailing anti-LGBT+ sentiment that has alienated Georgia from its European partners. Allowing the UAE to buy up much of Georgia may also instil a false sense of entitlement in its nationals and give them licence to misbehave there.

Eastward pivot

It is worth recalling that Kobakhidze frequented the UAE yet again in mid-February to attend the 2025 World Government Summit (WGS)in Dubai, where he outlined the “common interests and goals” Georgia shares with the Persian Gulf monarchy.

The cash bonanza Georgian Dream managed to secure from the Emiratis a month prior was a vindication of their rabid Euroscepticism which could turbocharge Georgia’s eastward pivot in open defiance of its constitutional obligation to push for closer EU integration.

Make no mistake, Tbilisi has drawn inspiration from Abu Dhabi’s ‘zero problems’ foreign policy doctrine to carve out its own independent international relations roadmap according to which mercantilism takes precedence over ethics or values.

In an interview with Euronews two weeks ago, Kobakhidze acknowledged that Georgia’s refusal to partake in the Western-led sanctions crusade against Russia—a country which still occupies 20 per cent of Georgian territory—was a ‘pragmatic move’ that helped prevent a GDP contraction of 10-18 per cent. As Russo-Georgian ties rapidly thaw, the UAE could emerge as a possible venue for backchannel dialogue.

Filling the USAID void

With the Donald Trump administration pulling the plug on USAID’s overseas grants and subsidies, Abu Dhabi may sense an opportunity to fill the resultant financial void in Georgia’s media landscape as part of an image-building exercise.

Lest we forget the Emiratis sought full ownership of prestigious UK publications—namely The Spectator and The Daily Telegraph—in early 2024 up until their bid as eventually blocked for fear of the family dictatorship undermining and laying waste to these outlets’ editorial independence.

The multi-billion dollar construction scheme undertaken by Eagle Hills in Georgia’s main metropolises is being dressed up as a humanitarian endeavour rather than a profit-making initiative.

Kobakhidze argued that this initiative would “create thousands of new, high-paying jobs” when, in reality, most of these openings will be precarious, sales-focused and off-limits to non-Russian speaking applicants—not to mention the environmental degradation and inflation local inhabitants could face.

On account of the punitive measures imposed by the US, EU and UK on senior Georgian Dream figures in the aftermath of the ‘neither free nor fair’ Georgian parliamentary elections in late October, enhanced cooperation between Georgia and the UAE could see Ivanishviliand his sanctioned inner circle mobilise their offshore assets to a non-Western banking hub like Dubai.

Although Georgia’s deviation from European norms and standards has been principally attributed to malign Russian and Chinese activity in the country, the UAE’s role in propelling Georgian Dream’s state capture must not be overlooked.

Nipping ‘Little’s Sparta’s’ interventionism in the bud should therefore be a near-term priority for the Georgian opposition if their country is to ever stand a chance of joining the European family.

Photo by Mostafa Meraji on Unsplash.

Saahil Menon

Saahil Menon

Saahil Menon is an investment analyst.

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Case study: Global technology company

1. The Client

A global technology company operating across EMEA, with a regional HQ in Istanbul. The company manages 20+ markets, handling everything from brand campaigns to strategic partnerships.

Role we worked with: The EMEA Head of Marketing (supported by two regional managers).

2. The Challenge

Despite strong products and a respected global brand, the regional team was struggling with:

  • Misaligned strategy across markets → campaigns executed with inconsistent narratives.
  • Slowed growth → lead generation plateaued despite increasing spend.
  • Internal friction → marketing, sales, and product teams disagreed on KPIs and priorities.

Traditional fixes (more meetings, more reporting) only created more noise.

3. The Sprint

We ran a 10-day Remote Reinvention Sprint with the regional HQ team.

  • Day 1–3: Intake → Reviewed decks, campaign data, and plans.
  • Day 4: Sprint Session (90 mins) → Breakthroughs:
    • Sales and marketing had different definitions of “qualified lead.”
    • 40% of spend was going into low-potential markets.
    • The team assumed the problem was lack of budget, but it was actually lack of alignment.
  • Day 5–10: Synthesis → Insights distilled into a Clarity Brief + Insight Canvas.
4. The Breakthrough

The Sprint uncovered that the issue wasn’t budget, but fragmentation.
Three sharp insights unlocked a way forward:

  1. Unified KPIs bridging marketing + sales.
  2. Market prioritisation → shifting budget to 5 high-potential markets.
  3. Simplified narrative → one EMEA core story, locally adaptable.
By just realigning resources and focus, the client could unlock an estimated £250,000 in efficiency gains within the next 12 months — far exceeding the Sprint’s value guarantee. The path to higher returns was already inside the business, hidden by misalignment.
5. From Sprint to Action (4 Pillars Applied)

With clarity secured, Reinvantage didn’t suggest “more projects.”

Instead, we used the Sprint findings to create laser-focused next steps — drawing only from the areas that would deliver the most impact:

  • Readiness → Alignment workshops for sales + marketing teams. New playbooks clarified “qualified lead” definitions and reduced internal disputes.
  • Foresight → A market-opportunity scan identified which 5 countries would deliver the highest ROI, removing the guesswork from allocation.
  • Growth → Guided the reallocation of €2M budget and designed a phased rollout strategy that protected risk while maximising return.
  • Positioning → Built a messaging framework balancing global consistency with local nuance, ensuring campaigns spoke with one clear voice.

Because the Sprint had stripped away noise, these actions weren’t generic consulting ideas — they were directly tied to the breakthroughs.

6. The Results
  • +28% increase in qualified leads across the region.
  • 30% faster campaign rollout due to streamlined approvals.
  • Budget efficiency gains → €2M redirected from low-return to high-potential markets.
  • Internal cohesion → marketing + sales now use a single shared dashboard.
The client came in believing they needed more budget.
The Sprint revealed that what they really needed was clarity and alignment.

With that clarity, the four pillars became not theory, but practical tools to deliver measurable impact.

The Sprint guaranteed at least £20,000 in value — but in this case, it helped unlock more than 10x that within six months.

Case study: Regional VC fund & accelerator

1. The Client

A regional venture capital fund and accelerator focused on early-stage tech start-ups in the Baltics and Central Europe.

The fund had raised a new round and was under pressure to deliver stronger returns while also building its reputation as the go-to platform for founders.

Role we worked with: Managing Partner, supported by the Head of Portfolio Development.

2. The Challenge

Despite a promising portfolio, results were uneven.

Key issues:

  • Scattered portfolio support → no consistent playbook for start-ups, every partner did things differently.
  • Weak differentiation → founders and co-investors saw the fund as “one of many” in the region.
  • Stretched team → too many small bets, not enough clarity on which companies to double down on.

The leadership team knew something was off, but disagreed on whether the issue was pipeline quality, market conditions, or internal capacity.

3. The Sprint

We ran a 10-day Remote Reinvention Sprint with the partners and portfolio team.

  • Day 1–3: Intake → Reviewed pitch decks, pipeline funnel data, and start-up performance reports.
  • Day 4: Sprint Session (90 mins) → Breakthroughs:
    • No shared definition of a “high-potential founder.”
    • Support resources were spread too thin across the portfolio.
    • The fund’s positioning was more reactive than proactive — it didn’t own a distinctive narrative in the market.
  • Day 5–10: Synthesis → Insights consolidated into a Clarity Brief + Insight Canvas.
4. The Breakthrough

The Sprint revealed that the challenge wasn’t pipeline quality — it was lack of focus and positioning.

Three core insights provided the turning point:

  1. Portfolio Prioritisation Framework → defined clear criteria for where to double down.
  2. Founder Success Playbook → standardised support model for portfolio companies.
  3. Differentiated Narrative → repositioned the fund as “the accelerator of reinvention-ready founders.”
These shifts alone gave the fund a path to add an estimated £2M+ in portfolio value over the following 18 months, by concentrating capital and resources where they could move the needle most.
5. From Sprint to Action (4 Pillars Applied)

With clarity from the Sprint, Reinvantage created a tailored support plan:

  • Readiness → Coached partners on using the new prioritisation framework and trained the team on deploying the Founder Success Playbook.
  • Foresight → Ran scenario analysis on regional tech trends, helping the fund anticipate where capital would flow next.
  • Growth → Guided resource reallocation across the portfolio and supported new co-investor pitches for top-performing start-ups.
  • Positioning → Crafted a sharper brand story for the fund, positioning it as the reinvention partner for globally minded founders.
6. The Results
  • 10 portfolio companies onboarded to the new Playbook → greater consistency of support.
  • Raised follow-on capital for 3 top start-ups with the new prioritisation framework.
  • +26% increase in inbound deal flow from founders citing the fund’s new positioning.
  • Stronger internal cohesion → partners aligned on where to focus resources.
The client thought the problem was pipeline quality.
The Sprint showed it was actually lack of clarity and focus inside the firm.

By applying the four pillars, Reinvantage helped turn scattered effort into concentrated value creation.

The Sprint guaranteed at least £20,000 in value; here it set the stage for multi-million-pound upside in portfolio growth.

Case study: International impact Organisation

1. The Client

A large international impact organisation focused on entrepreneurship and economic empowerment.
The organisation runs multi-country programmes across Eastern Europe and Central Asia, often in partnership with global donors and corporate sponsors.

Role we worked with: Senior Programme Director, responsible for regional coordination.

2. The Challenge

The organisation had launched a flagship regional initiative supporting women entrepreneurs, but the programme was underperforming.

Key issues:

  • Fragmented delivery → each country office interpreted the programme differently.
  • Donor frustration → reporting lacked consistency and clear impact metrics.
  • Lost momentum → staff energy was spent on administration rather than scaling success stories.

Traditional programme reviews had produced long reports, but no real alignment or action.

3. The Sprint

We ran a 10-day Remote Reinvention Sprint with the regional leadership team and representatives from two country offices.

  • Day 1–3: Intake → Reviewed donor reports, programme KPIs, and field feedback.
  • Day 4: Sprint Session (90 mins) → Breakthroughs:
    • Donors cared about quantifiable outcomes, but reporting focused on stories.
    • Staff were duplicating efforts across countries, wasting time and resources.
    • The initiative lacked a clear theory of change — everyone described its purpose differently.
  • Day 5–10: Synthesis → Insights distilled into a Clarity Brief + Insight Canvas.
4. The Breakthrough

The Sprint revealed that the issue wasn’t donor pressure or programme design — it was a lack of shared framework and alignment.

Three critical insights reshaped the path forward:

  1. One Unified Theory of Change → agreed narrative for why the programme exists.
  2. Core Impact Metrics → clear, comparable KPIs across all countries.
  3. Smart Resource Sharing → digital hub to stop duplication and accelerate knowledge flow.
By eliminating duplicated reporting and clarifying what success looks like, the client saw they could save the equivalent of £100,000 in staff time annually — while also unlocking stronger donor confidence and follow-on funding opportunities.
5. From Sprint to Action (4 Pillars Applied)

Armed with Sprint clarity, Reinvantage proposed a laser-focused support plan:

  • Readiness → Trained programme leads on using the new metrics and integrated them into existing workflows.
  • Foresight → Analysed donor trends and expectations, aligning the initiative with the next funding cycle.
  • Growth → Developed a funding case based on the new unified theory of change, securing higher renewal chances.
  • Positioning → Crafted a regional success narrative and storytelling toolkit, helping them showcase results consistently across markets.
6. The Results
  • 30% less time spent on reporting → freed capacity for programme delivery.
  • Donor satisfaction improved → positive feedback on the clarity of impact evidence.
  • Secured new funding commitment → one major donor increased their contribution by 20%.
  • Stronger internal morale → staff felt they were working with clarity, not chaos.
The client thought it needed better donor management.
The Sprint revealed it needed a shared foundation across its teams.

By anchoring on the four pillars, Reinvantage turned alignment into efficiency gains and fresh funding opportunities.

The Sprint guaranteed at least £20,000 in value; here it unlocked both six-figure savings and future-proofed funding.

Case study: National digital development agency

1. The Client

A national digital development agency tasked with driving the government’s digital transformation agenda, including e-services, citizen portals, and smart city pilots.

Role we worked with: Director of Digital Transformation, supported by IT and service delivery leads from three ministries.

2. The Challenge

The agency had strong political backing but faced hurdles in implementation.

Key issues:

  • Siloed projects → each ministry developed digital tools independently, leading to duplication.
  • Citizen frustration → services were digital in name, but still required multiple logins and offline steps.
  • Funding pressure → international partners demanded clearer impact in the short term.

The agency wanted to accelerate momentum but struggled to get alignment across ministries.

3. The Sprint

We ran a 14-day Immersive Reinvention Sprint with the agency’s leadership and digital focal points from three ministries.

  • Day 1–3: Intake → Reviewed strategy docs, donor reports, and citizen feedback data.
  • Day 4: Immersive Sprint Session (half-day) → Breakthroughs:
    • Each ministry had different definitions of “digital service.”
    • 20% of budget was going into overlapping pilot projects.
    • Citizens’ top frustrations were known — but not prioritised.
  • Day 5–14: Synthesis → Insights consolidated into a Clarity Brief + Insight Canvas.
4. The Breakthrough

The Sprint revealed that the biggest blocker wasn’t lack of funding, but lack of shared priorities.

Three practical insights stood out:

  1. One Definition of Digital Service → agreed across ministries.
  2. Quick-Win Prioritisation → focus on top 3 citizen pain points (ID renewal, business registration, healthcare booking).
  3. Shared Resource Map → pool budgets to eliminate duplication.
These changes alone allowed the agency to unlock £75,000 in immediate savings and deliver 2–3 visible improvements in the next quarter — meeting donor expectations and building citizen trust.
5. From Sprint to Action (4 Pillars Applied)

Based on the Sprint clarity, Reinvantage proposed a modest, targeted package of support:

  • Readiness → Facilitated inter-ministerial workshops to embed the “one digital service” definition.
  • Foresight → Analysed citizen feedback trends to shape the quick-win roadmap.
  • Growth → Supported the reallocation of funds to joint projects, reducing overlap.
  • Positioning → Crafted a communication plan highlighting early digital wins to donors and citizens.
6. The Results
  • 2 pilot services integrated into the central portal (ID renewal + healthcare booking).
  • Budget savings of £75,000 from eliminating overlapping projects.
  • Citizen satisfaction up modestly → call centre complaints on digital services dropped by 12%.
  • Donor confidence improved → short-term impact report received positive feedback.
The client thought it needed more funding and bigger projects.
The Sprint revealed it first needed clarity and alignment.

By applying the four pillars to a targeted scope, Reinvantage helped deliver visible results within a single quarter — proving progress to citizens and donors and laying the groundwork for deeper transformation.