RAKIA has transmitted a 85% stake of Poti Free Industrial Zone to the Authorities. The Agreement on sales of 98.26% stake in JSC Poti Airport to RAKIA has been also suspended.
In exchange RAS Al Khaimah Investment Authority Georgia has been exempted from fines that had been imposed on the company as part of the agreement signed with the Georgian government in 2010 and 2011.
Under the mentioned deal, the Arab company maintains 15% stake in Poti FIZ, while the Georgian government holds 85 stake in the zone.
Poti FIZ was established in June 2008. Under resolution N72 of April 14, 2009, the investor received 3 046 037 square meter land plot on in Poti for a period of 99 years.
The investor has serious plans for the Poti FIZ developed, but the company failed to implement these plans.