Georgia’s Public Registry has identified deficiencies in the application submitted by LLC Eagle Hills Georgia for the registration of changes to its company charter and legal address.
The decision was issued by the Public Registry on November 19.
According to the documentation, Veriko Berikishvili applied to the Public Registry requesting the registration of amendments to the charter and legal address of LLC Eagle Hills Georgia.
The Public Registry’s published decision states that the documents submitted for registration indicated that the sole founder of LLC Eagle Hills Georgia is Eagle Hills Development Holding Limited, and that the founder’s authorized representative was allegedly Mohamed Ali Rashed Alabbar. The Registry was also provided with a decision granting Veriko Berikishvili authority to attend meetings and make decisions on behalf of the partner (i.e., the founder).
However, the Public Registry notes that the submitted documentation does not confirm Mohamed Ali Rashed Alabbar’s authority to represent Eagle Hills Development Holding Limited.
As a result, a legal issue arose prior to registration, namely the absence of verified representation.
The Registry also states that the permitted and issued capital specified in the founding agreement and the charter do not comply with current legislation.
Specifically, the company’s issued capital is listed as 10,000 GEL, while the permitted capital is stated as 1,000 GEL, according to the Public Registry’s decision on the suspension of the registration procedure.
Under the Law of Georgia on Entrepreneurs, permitted capital is defined as the maximum amount of capital within which a joint-stock company may decide to issue shares in the future.
“Therefore, indicating a maximum capital amount of 1,000 GEL in the founding agreement contradicts the amount of issued capital,” the Public Registry states.
According to the Registry, two provisions of the company’s charter contradict the founding agreement and the submitted decision.
“According to the decision, the company has 10,000 issued Class A shares, whereas the charter states that the company has 10,000 Class A authorized shares,” the Public Registry’s decision reads.
The Registry granted LLC Eagle Hills Georgia a 30-day period to correct the identified deficiencies.
Update
On November 20, the company remedied the deficiencies and registered the amendments.
According to official information, Eagle Hills plans to implement development projects in Tbilisi (Krtsanisi) and Batumi (Gonio) with a total value of USD 6.6 billion.
More on this topic: New plans of the Arab company and “Georgian Dream” in Gonio – the territory has not yet been demined
The Ministry of Economy states that the Georgian state has been designated as a project partner and co-owner of a 33% stake in the company.
“The benefits Georgia will receive from Eagle Hills’ projects include more than 30,000 new jobs, a direct impact of 11 billion GEL on the national economy, and average annual budget revenues of approximately 700 million GEL,” said Georgian Dream’s Minister of Economy Mariam Kvrivishvili.
Prime Minister Irakli Kobakhidze of Georgian Dream dedicated an 8-minute and 46-second video to the project, stating that the developments planned in Krtsanisi and Gonio include the construction of approximately 16,000 residential houses and apartments, hotels with more than 1,400 rooms and apartments, as well as office, retail, entertainment, sports, and other commercial spaces.
On October 29, 2025, Batumelebi submitted a written request to the Ministry of Economy and Sustainable Development of Georgia, seeking copies of the investment agreement with the Arab company and the agreement on the establishment of a joint company. The Ministry has not responded to the request to date.
Subsequently, a Government of Georgia decree was published classifying all documents related to the Arab company as commercial secrets. As a result, none of these documents will be made public by the Georgian government.
In the video recorded in support of the project, Prime Minister Irakli Kobakhidze explained the decision as follows:
“As for granting commercial secrecy status to the agreement, this is based, on the one hand, on Georgian legislation and, on the other hand, on international practice. The state has nothing to hide from its citizens and is ready to answer all questions related to the agreement.
However, it is in the interest of any commercial company for contract details to remain confidential, so that it has greater freedom in negotiations with other potential partners in the future. This is the sole reason why the agreement was granted commercial secrecy status,” said Prime Minister Irakli Kobakhidze.