Rak Investment, a company from the United Arab Emirates, has bought a 100% stake in Georgia's Black Sea merchant port of Poti, the Georgian Economic Development Ministry announced on Tuesday according to RIA Novosti.
In mid-2008, Rak Investment bought 51% of shares in the Poti port.
The agreement to acquire the remaining 49% stake for $65 million was formalized on Tuesday between Rak Investment management and Georgia's Economic Development Minister Yekaterina Sharashidze, the statement said.
Overall, the deal has cost the UAE company $155 million, the statement said.
Sharashidze said the company planned to build new terminals near the port.
"In the coming five years, the company is ready to invest $200 million and create up to 20,000 jobs," Sharashidze said.