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SOHOCAPITAL GROUP

Confidential · August 2026

Geography

Georgia today. Regional growth ahead.

Georgia is Soho’s only current operating market. The plan is to expand the integrated real estate model from this base to Central Asia, the wider Caucasus and the Middle East through selected mandates and partnerships. These regions are opportunities for future expansion, not current operations.

Current market

Georgia

The current operating base, with the team’s established construction experience and client relationships.

Growth opportunity

South Caucasus

Planned expansion beyond Georgia, building on the home-market record through local partnerships and project mandates.

Growth opportunity

Central Asia

Uzbekistan and Kazakhstan are prospective markets for development, construction and advisory mandates, not current operating locations.

Growth opportunity

Middle East

Potential capital partnerships and future project and advisory mandates. No current operating presence is claimed.

Georgia

current operating market

  • Tbilisi operating base
  • Established construction experience
  • Existing client relationships

the base for planned growth

experience
relationships

SOHO CAPITAL GROUP

a Georgian platform for planned regional growth: assess, partner, secure mandates, then scale

mandates
diligence

Regional opportunities

planned future expansion

  • South Caucasus — beyond Georgia
  • Central Asia — prospective mandates
  • Middle East — partnerships and mandates

opportunities · not current operations

Georgia is the operating market today. Regional growth follows opportunity, diligence and signed mandates — not an assumed footprint.

The growth plan

Build from Georgia. Enter selectively.

A planned approach to expansion across the South Caucasus, Central Asia and the Middle East. Each new market must pass the same diligence and mandate-led entry tests.

01

Assess the opportunity

Review demand, delivery conditions, local partners and the legal and capital structure before selecting a market.

02

Secure a mandate

Start with advisory, construction or development-management work supported by a signed mandate and a credible local relationship.

03

Commit selectively

Consider an operating presence or Group capital only after diligence and demonstrated demand. No expansion timetable is promised.

Forward-looking growth intentions only. Not a forecast or a statement of current operations outside Georgia.

Assessing growth opportunities

The tests for future market entry

These tests guide planned expansion. Georgia is the only current operating market; references to other regions describe opportunities and relationships, not existing operations.

Central Asia
South Caucasus
Middle East
01

A structural gap we can fill

Contractors and capital exist at scale; no institutional layer sits between them.

Build on experience in Georgia while assessing the gap in each prospective neighbouring market.

No gap in capital. The gap is counterparties able to deploy it credibly out east.

02

Capital and assets that need matching

Gulf funds already deployed at scale in power, renewables and data centres.

$6.5bn of Gulf money committed in Tbilisi and Batumi by a single developer.

Sovereign funds hold roughly 40% of global SWF assets and are looking east.

03

A way in that does not require buying in

Advisory and development-management mandates precede any commitment of Group equity.

The fee book operates in Georgia today. Entry elsewhere would begin with a signed mandate.

Capital-raising mandates need no balance sheet and no local entity at all.

04

A relationship we already hold

Government and business-development networks are in place across the region.

Georgia is the home market. Relationships elsewhere would need to support a viable entry mandate.

Golden Gate’s private banking and family-office relationships in the Gulf.

What this excludes: Western Europe, where the layer already exists; Russia, where currency and sanctions risk cannot be underwritten; and any market entered without a relationship in hand.

Middle East · growth opportunity

A potential partner in regional growth

The Middle East is a prospective source of capital partnerships and future mandates. The examples below describe investment by other organisations, not Soho projects, clients or current operations in the region.

Gulf institutional capital

sovereign funds control roughly 40% of global SWF assets — six of the ten largest funds in the world

ADIA

Abu Dhabi

PIF

Saudi Arabia

QIA

Qatar

Mubadala

Abu Dhabi

ADQ

Abu Dhabi

External investment in Central Asia

  • ACWA Power — c.$15bn in Uzbekistan, its largest market outside Saudi Arabia
  • Masdar — $2bn+ in renewables; Nebras Power — $3bn+ in power generation
  • Taqa and Mubadala in gas generation; DataVolt in Tashkent data centres

External investment in the South Caucasus

  • Eagle Hills of Abu Dhabi — $6.5bn committed in Tbilisi and Batumi
  • A Saudi–Georgia investment platform launched in Tbilisi in 2025
  • Non-Western capital now setting the margin as European FDI recedes

The Group’s thesis: Whoever becomes that counterparty captures the fee stream on the way in and the co-investment on the way through.

Market context from the August 2026 presentation. Named funds are not identified as Soho clients or partners. Growth intentions are forward-looking; not a forecast.

Three genuinely different ways to take part in it.

How investors participate