By Khatia Psuturi, AP
U.S. business magnate Donald Trump, accompanied by Tbilisi mayor Gigi Ugulava, left, tours a medieval fortress in Tbilisi, Georgia, on Saturday.
TBILISI, Georgia (AP) — U.S. real estate mogul Donald Trump has joined Georgian President Mikhail Saakashvili in unveiling plans to build a luxury apartment complex along the Black Sea coast.
The 47-story Trump Tower in Batumi is to be built by the Silk Road Group under a licensing agreement signed inNew York last year.
Saakashvili said during Sunday’s presentation in Batumi that the Georgian conglomerate expects to have the necessary funding by the end of this year, with construction slated to start in early 2013.
In welcoming Trump, Economy Minister Vera Kobalia said the project would encourage more foreign investment.
Saakashvili oversaw steady economic growth after becoming president in 2004, but the economy was hit in recent years by the global downturn and repercussions from the 2008 war with Russia.