The UAE emirate of Ras Al Khaimah's state-owned investment fund plans an initial public offering for its port of Poti in Georgia in 2011, its chief executive said on July 20.

"We will go for an IPO definitely in 2011," Khater Massaad, the CEO of Ras Al Khaimah Investment Authority (RAKIA), was quoted by Reuters.

RAKIA purchased controlling stake in Georgia’s Black Sea port of Poti in April, 2008 for USD 90 million and launched development of free industrial zone on 300 hectares of land in Poti. Later in the same year RAKIA bought from the state remaining 49% of Poti port for USD 65 million.

RAKIA chief executive also said that the emirate’s sovereign wealth fund would scale down foreign investments and would instead focus on local projects.

"We won't invest abroad any longer, but continue with projects under way, including an aluminium plant in India and the port in Georgia," Khater Massaad was quoted by the Dubai-based English-language newspaper, Gulf News.

The UAE, mainly through RAKIA, was the largest foreign investor in Georgia in 2008 and 2009 with USD 306.5 million and USD 169.8 million, respectively. No investment from the UAE was reported in the first quarter of 2010, according to the Georgian state statistics agency.

Apart of Poti port, RAKIA was also investing in some real estate projects in Georgia through its property development arm, Rakeen.