Rakeen, a United Arab Emirates development company, plans to invest a total of USD 1.5 billion in Georgia, the Dubai-based English-language newspaper, Khaleej Times, reported on June 12.

Development of a free economic zone in the Georgian Black Sea port of Poti is part of the plan, according to the report.

The Georgian parliament, with its first reading, approved on May 25 a proposal giving the green light to free economic zones.

Rakeen, owned by the government of the UAE emirate of Ras Al Khaimah (RAK), RAK Airways and RAK Properties, purchased the Sheraton Metechi Palace hotel in Tbilisi last week after offering USD 67.5 million. The initial asking price, at the auction organised by the Economy Ministry, was USD 25 million.

Georgian President Mikheil Saakashvili visited Ras al-Khaimah in February and agreed on economic cooperation between Georgia and the emirate.