Poti Port Becomes Wholly Owned by UAE’s Emirate

Georgia’s Black Sea port of Poti has become wholly owned by the Investment Authority of the UAE’s Ras Al Khaimah (RAK) emirate after purchasing 49% of stake from the Georgian state for USD 65 million.

Eka Sharashidze, the Georgian economy minister, signed the agreement with RAK Investment Authority (RAKIA) on December 2.

RAKIA took over the port’s controlling stake for USD 90 million in April, 2008 and pledges to develop free economic zone on 300 hectares of land in Poti and in addition to build a new port terminal on a 100 hectare site.

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