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The Black Sea’s Most Ambitious Project - Newsweek Reveals the Details of Ambassadori Island Batumi

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An extensive article about Ambassadori Island Batumi and the large-scale development underway on Georgia’s Black Sea coast has been published in the American magazine Newsweek.

The publication notes that the 84-hectare artificial island development, comprising two peninsulas and one island, is not merely a real estate development, it is a multifunctional ecosystem integrating residential, hospitality, entertainment, medical, and logistics infrastructure in full alignment with smart city principles and ESG standards.

The project is being developed by Ambassadori Group in cooperation with international partners: Turkish company Yüksel Proje is responsible for design and engineering, New York-based SHoP Architects is working on the architectural concept, while global engineering and consultancy firm ARUP is overseeing the master planning and integration of smart city infrastructure.

According to Gocha Kamkia, CEO of Ambassadori Island Batumi, the project’s multifunctional format ensures long-term economic viability for investors, while Ambassadori Group’s experience accumulated since 2004 across the hospitality, real estate, winemaking, and golf sectors provides a strong foundation of business credibility.

The article also provides a detailed overview of the project’s scale and current development status.

49% of the island’s territory is dedicated to green and recreational areas, beaches, and a seaside boulevard. Ambassadori Island Batumi integrates multifunctional urban infrastructure, including an international-standard yacht club, aviation infrastructure, hotels, residential and multifunctional complexes, retail spaces, branded boutiques, fitness centers, and entertainment and wellness facilities.

Ambassadori Group has already invested $100 million directly into the project. At the same time, local and international investors are developing projects on the island worth more than $1 billion, while the total investment volume is expected to exceed $5 billion.

More than 50% of the masterplan has already been completed, the formation of 48 hectares of land has been finalized and officially commissioned, construction of the first skyscraper has begun, and the full formation of the island is expected to be completed within 2.5 years.

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Bussines
image Basisbank has signed CIPS Direct Participation agreement

08.09.2026.17:13

Basisbank has obtained direct participation in the Cross-Border Interbank Payment System (CIPS), marking an important milestone in the Bank’s development of international payments and RMB business capabilities.

Direct CIPS membership strengthens Basisbank’s connectivity with China and international financial markets, enhances the efficiency of RMB-denominated cross-border transactions, and creates new opportunities to support growing trade and investment relations between Georgia and China.

Alongside joining CIPS, Basisbank signed a Memorandum of cooperation with the Agricultural Bank of China, which will provide the clearing infrastructure for DP CIPS operations.

Basisbank remains committed to strengthening its international banking infrastructure and providing clients with modern, efficient and competitive solutions for cross-border payments.

"Obtaining CIPS direct participant status and establishing a partnership with one of the largest international banks is an important strategic milestone for us, demonstrating once again that Basisbank is actively progressing in alignment with global banking standards. This cooperation will significantly streamline the transaction process in RMB and unlock new opportunities for our clients and business partners interested in international trade," stated Lia Aslanikashvili, Financial Director of Basisbank.

About Basisbank Group

In April 2026, Basisbank acquired a 95.99% stake in Liberty Bank. Basisbank Group is the third-largest systemic financial institution in Georgia, holding an 11% market share. The Group serves over 2 million individuals and more than 65,000 corporate and SME clients. It boasts the largest network nationwide, operating around 500 service centers and nearly 700 ATMs across all regions and municipalities of Georgia.

According to data from the first 7 months of 2026, Basisbank Group's total assets stand at GEL 12.1 billion, with a total loan portfolio of GEL 7.9 billion and a deposit portfolio of GEL 9.1 billion. The Group's net profit for the first 7 months of 2026 reached GEL 128 million.

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