About Civil.ge
Eng | Geo | Rus
Last updated: 10:55 - 1 May.'18
RSS
Mobile
Twitter
Facebook
RAKIA Plans Poti Port IPO in 2011
Civil Georgia, Tbilisi / 21 Jul.'10 / 15:59

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.

Latest News
01 May.'18 10:55
We Have Moved to a New Platform
Direct Your Bookmarks to https://civil.ge.
29 Apr.'18 03:54
Ruling Party Candidate Wins MP By-Elections
Givi Chichinadze will represent Vani and Khoni single-mandate constituency in the Parliament of Georgia.
28 Apr.'18 09:40
Polls Open for Vani and Khoni MP By-Elections
48,123 voters are eligible to cast their ballots in Vani and Khoni single-mandate constituency.
27 Apr.'18 17:23
State Dept’s Europe Affairs Point Man to Visit Tbilisi
Wess Mitchell will meet senior government officials and address the NATO-Georgia Public Diplomacy Forum.
27 Apr.'18 13:45
In Quotes: Georgian Politicians on Ex-PM Bidzina Ivanishvili’s Comeback
Bidzina Ivanishvili will be approved as the Georgian Dream party chairman at the upcoming convention.
26 Apr.'18 18:15
SG Jens Stoltenberg: Georgia NATO’s ‘Very Close’ Partner
The NATO Secretary General says Foreign Ministers meeting tomorrow will recognize the country’s progress.
26 Apr.'18 14:24
Ex-PM Ivanishvili to Chair Georgian Dream Party
Prime Minister Giorgi Kvirikashvili said Ivanishvili was ‘best equipped’ to add new dynamism to the party.
26 Apr.'18 11:12
Lawmaker Proposes Criminal Liability for ‘Insult of Religious Feelings’
The parliamentary human rights committee decided to set up a working group for scrutinizing the draft law.
25 Apr.'18 17:21
New Abkhaz Government Head Appointed
Gennady Gagulia has served as the Abkhaz “prime minister” twice - in 1995-1997, and 2002-2003.
25 Apr.'18 14:43
Watchdog Improves Georgia’s Press Freedom Ranking
None of the countries of the former Soviet Union (except the Baltics) are ranked ahead of Georgia.

About Civil Georgia
Civil.Ge © 2001-2019, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
51