The Government of Georgia has approved the sale of two state-owned berths of the Port of Poti to RAK Investment Authority of UAE for $2 million. According to the country's Ministry of Economic Development, the investor intends to use the berths for the development of the Poti Free Industrial Zone (PFIZ) and to build a new terminal for Customs post, RZD-Partner.Ru reports.
RAK Investment in 2008 acquired a 100-percent government stake in Sea Port of Poti CJSC for $ 155 million. The deal meant as well buying the adjacent 3m-sq.m territory. The investor plans to build here a new port and establish a free industrial zone to invite up to 400 companies that will enjoy preferential tax policy.
Earlier, in October last year, the Government of Georgia had approved a $1-m deal on 98% Gov.’s stake in Poti Airport with RAK Investment Comp. The company is to invest in the upgrade and development of the Airport infrastructure that would serve the Poti Port zone.
Overall, RAK Investment Authority has projected $400 million to invest in the Poti Free Industrial Zone and a new port in Poti.
RAK Investment in 2008 acquired a 100-percent government stake in Sea Port of Poti CJSC for $ 155 million. The deal meant as well buying the adjacent 3m-sq.m territory. The investor plans to build here a new port and establish a free industrial zone to invite up to 400 companies that will enjoy preferential tax policy.
Earlier, in October last year, the Government of Georgia had approved a $1-m deal on 98% Gov.’s stake in Poti Airport with RAK Investment Comp. The company is to invest in the upgrade and development of the Airport infrastructure that would serve the Poti Port zone.
Overall, RAK Investment Authority has projected $400 million to invest in the Poti Free Industrial Zone and a new port in Poti.