Georgia has signed a deal with United Arab Emirates investment fund Ras al-Khaimah (RAK) Investment Authority for the development of a port and tax-free zone in Poti, reports said.
The Financial said RAK Investment Authority would pump in over $200 million for a period of three to four years for the project where about 20,000 jobs are expected to be created.
AFP, quoting government officials in a signing ceremony, that the investment would triple the port's capacity.
"My vision is to turn Georgia into the Dubai or Singapore of this region," the AFP report quoted Georgian President Mikheil Saakashvili in his televised comments.
The Financial said under the deal, Georgia would sell 51 percent of Poti Seaport and the nearby land lots of over 3 million square meters area to RAK Investment Authority.
AFP said the purchase price is at 90 million dollars (57 million euros).
It also said Georgia would hold the remaining 49 percent and would have a controlling vote on the board's decisions.
The Financial said RAK Investment Authority would pump in over $200 million for a period of three to four years for the project where about 20,000 jobs are expected to be created.
AFP, quoting government officials in a signing ceremony, that the investment would triple the port's capacity.
"My vision is to turn Georgia into the Dubai or Singapore of this region," the AFP report quoted Georgian President Mikheil Saakashvili in his televised comments.
The Financial said under the deal, Georgia would sell 51 percent of Poti Seaport and the nearby land lots of over 3 million square meters area to RAK Investment Authority.
AFP said the purchase price is at 90 million dollars (57 million euros).
It also said Georgia would hold the remaining 49 percent and would have a controlling vote on the board's decisions.