Georgia Port of Poti to gets Emirate investment in the nearest 4-5 years

Ras Al Khaimah, UAE will invest up to $ 500 million in the development of the port of Poti (Georgia) over the next 4-5 years from the Rakia Investment Fund, The Wall Street Journal reports citing Black Sea Port Authorities. The Investment Fund is the legal owner of the port, the newspaper notes. Reconstruction of the port of Poti is scheduled to be completed this late May following the construction of another port near Poti worth $300m.

«Rakia will invest a large part in a new port, but we are also looking for big international banks to become partners," said Khaled Chatila, the Poti Sea Port's General Manager. The new facilities of the port will be constructed to boost grain and cement capacity.
 
RAK Investment Authority in 2008 acquired a 100% state's share of Poti Seaport Ltd. valued at $155m, as well as the port area of 3 million sq. m. The investor has planned to build a new port and establish a free industrial zone in this area. Throughput of the stevedoring company in 2009 were up 24.7% compared with 2008, to 6.81 million tons. Container traffic dropped by 17.5% to 172,800 TEUs.

Source: Port News