November 21, 2008

RAK Investment Authority to invest in Poti Sea Port in Georgia

Sea News reported that RAK Investment Authority will be taking a 51% stake in Poti Sea Port in Georgia. It is scheduled to close the deal in the first half of April.

Novosti Georgia quoted Mr Vladimir Gurgrnidze prime minister of Georgia as saying that “51% share of the Poti Sea Port and a part of the port area of about 3 million square meters will be sold to RAK Investment Authority of United Arab Emirates.”

The Georgian Government also approved a project of building a new port at the sold territory and establishing free industrial zone there.

It is expected that within the next 3 years to 4 years RAK Investment Authority will invest in the named projects more than USD 200 million.

In 2007 the Poti port handled 7.7 million tonnes of crago.