The latest Russia-Georgia conflict won't hamper Ras Al Khaimah Government's investment plan in Georgia, a senior official said.
The Ras Al Khaimah Government has recently invested in a port in Georgia, where its real estate development arm Rakeen is developing a free zone. Rakeen is also developing some mixed-use projects near capital Tiblisi.
"This is a temporary conflict. I do not think this will continue for long," Wahid Atta Allah, member of the board of directors at Rakeen, Ras Al Khaimah's property development arm, told Gulf News yesterday.
"We have some lands earmarked for development near the Georgian capital of Tiblisi which are unharmed and safe," he said, adding, "We are committed to our investment."
Ongoing projects
The company has three projects in Georgia - Tiblisi Heights and Uptown Tiblisi - with a total value of Dh7.3 billion, while a third is being planned.
"We have also purchased a large patch of land covering more than 12 square kilometres that we are planning to develop as a mixed-use development," Atta Allah, who also owns a project consultancy firm Spectrum Consultants, told Gulf News last month.
However, Ras Al Khaimah's other major investment did not remain unhurt. Georgian harbour Poti port, which is majority owned by the Ras Al Khaimah Investment Authority (Rakia), was badly damaged in Russian air raids on Saturday, officials said.
"Yes, I am aware of the damage in the port area," Serge H. Guillaume, executive director of Rakia, said.
The Poti Sea Port is a major seaport and harbour off the Black Sea coast at the mouth of the Rioni River in Poti, Georgia. In 2007, the total throughput was 7.7 million tonnes and container handling was 185,000 twenty-foot containers.
In April 2008, Georgia sold a 51 per cent stake in the Poti port area to Rakia to develop a free economic zone (FEZ) in a 49-year management concession, and to manage a new port terminal. The creation of FEZ, to be developed by Rakeen, was officially inaugurated by Georgian President Mikhail Saakashvili last April 15.
Atta Allah said this is a temporary setback. "We will renew our efforts to begin operations at the port, once the conflict is over. We will continue to invest in the free zone, as planned," he said.
The Ras Al Khaimah Government has recently invested in a port in Georgia, where its real estate development arm Rakeen is developing a free zone. Rakeen is also developing some mixed-use projects near capital Tiblisi.
"This is a temporary conflict. I do not think this will continue for long," Wahid Atta Allah, member of the board of directors at Rakeen, Ras Al Khaimah's property development arm, told Gulf News yesterday.
"We have some lands earmarked for development near the Georgian capital of Tiblisi which are unharmed and safe," he said, adding, "We are committed to our investment."
Ongoing projects
The company has three projects in Georgia - Tiblisi Heights and Uptown Tiblisi - with a total value of Dh7.3 billion, while a third is being planned.
"We have also purchased a large patch of land covering more than 12 square kilometres that we are planning to develop as a mixed-use development," Atta Allah, who also owns a project consultancy firm Spectrum Consultants, told Gulf News last month.
However, Ras Al Khaimah's other major investment did not remain unhurt. Georgian harbour Poti port, which is majority owned by the Ras Al Khaimah Investment Authority (Rakia), was badly damaged in Russian air raids on Saturday, officials said.
"Yes, I am aware of the damage in the port area," Serge H. Guillaume, executive director of Rakia, said.
The Poti Sea Port is a major seaport and harbour off the Black Sea coast at the mouth of the Rioni River in Poti, Georgia. In 2007, the total throughput was 7.7 million tonnes and container handling was 185,000 twenty-foot containers.
In April 2008, Georgia sold a 51 per cent stake in the Poti port area to Rakia to develop a free economic zone (FEZ) in a 49-year management concession, and to manage a new port terminal. The creation of FEZ, to be developed by Rakeen, was officially inaugurated by Georgian President Mikhail Saakashvili last April 15.
Atta Allah said this is a temporary setback. "We will renew our efforts to begin operations at the port, once the conflict is over. We will continue to invest in the free zone, as planned," he said.