A new investigative piece on OC-Media is essential reading for anyone tracking the intersection of massive foreign investment and state sovereignty in the Caucasus. The article meticulously deconstructs the “Eagle Hills” model, led by Emirati developer Mohammed Alabbar, which is currently being deployed in Georgia through a $6.5 billion project. By examining similar “mega-projects” in Serbia, Albania, and Hungary, the article exposes a recurring pattern where the promise of national economic transformation masks significant financial risks and a erosion of local control.

One particularly striking revelation, probably familiar to readers of Unaccounted For, is the “debt-interest scheme” used to siphon profits away from host nations. Even when a state negotiates a seemingly significant ownership stake—such as Georgia’s 33%—the developer can ensure the local subsidiary remains technically unprofitable by issuing high-interest loans from its UAE parent company. This mechanism ensures that the developer captures the lion’s share of revenue through debt servicing before any dividends are ever split with the government, effectively turning a “partnership” into a creditor-debtor relationship.

Simply put: this venture is all at the expense of the Georgian people.

Another compelling aspect is the “copy and paste” nature of the legal exceptionalism these projects demand. From Belgrade to Tbilisi, the article highlights how these developments often bypass competitive tendering, ignore urban planning frameworks, and operate under classified investment agreements. It serves as a sobering cautionary tale about “ghost town” luxury developments that price out local residents and offer “Golden Visas” to foreign buyers, ultimately questioning whether these state-backed deals serve the public interest or merely create high-end enclaves shielded from domestic law.

Great to see this coverage. The OC-Media article is here: https://oc-media.org/when-eagle-hills-comes-to-town-what-its-european-projects-reveal-about-the-risks-for-georgia/