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Ras Al Khaimah Investment Authority take over Poti port

Georgia has sold the remaining 49 percent of its Black Sea port of Poti to the Ras Al Khaimah Investment Authority for $65 million. Ras Al Khaimah Investment now owns all the shares in the port.

Earlier this year Ras Al Khaimah Investment purchased the controlling 51 percent stake in the port from the government for $90 million, plus a further 300 hectares of land in its vicinity. Ras Al Khaimah Investment pledged to invest $200 million in the next three to four years to build a new port terminal near the current port at Poti.

Georgia has projected that Poti's capacity will rise to between 35 million and 40 million tonnes a year from its current maximum capacity of 8 million. The newly created free industrial zone is expected to attract many companies who will produce goods for export and create about 20,000 jobs in the region.

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