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RAKIA weighing anchor in Poti?2010-11-04 23:38
Arabian RAK Investment Authority holding is gradually packing trunks and leaving the port of Poti. Arabs are planning to put up their share for sale at one of the stock exchanges, hoping that someone will be attracted by liberal Georgian economy and may want to help it recover. However, it looks like the free industrial zone, with which the Georgian government tried to attract foreign investors, turned out to be the "bottom of the ladder". Georgian authorities were helpless in the competitive battle with Dubai economic zone.
Despite the fact that RAKIA allegedly denies rumors about the possible selling of its share in the port of Poti, the Arabs' activity in the free industrial zone attracts certain attention. They delayed SIZ presentation since 2008, each time suggesting new variants of the project suspension. One must suppose that the neighborhood with other companies, which are registered in the territory of the industrial zone but actually do not operate, did not inspire Arabian businessmen' optimism. It became clear that the profitability of the project remains under threat and does not present much interest for Poti.
"In 2011, the company is planning to put up a certain amount of the Poti port stock for sale at the stock exchange. Information on the precise amount of stock and its nominal cost will be revealed by the company", - the statement by RAK Investment Authority goes. It is interesting, though, that in their open letter, Arabian investors informed that all the projects of the holding are at the stage of being implemented. What is the company going to resale, then?
Things started well enough. Having woken up in a sunny mood once upon a morning, Mikheil Saakashvili thought: if I don't turn Georgia into Singapore, I will probably manage to turn it into Dubai. Thus, the free industrial zone of Poti was located on 300 hectares of land and a worldwide advertising campaign was started. Its location along the historic Silk Route connecting the East and the West was to ensure lucky business.
"Investors and the government may benefit from cooperation due to free economic zones. The companies enjoy favorable terms of taxation, the opportunity of free trade and sound logistics; as for us, we've got increased employment and dollar flows", - Georgian Minister of Finance Kakha Baindurashvili assured without batting an eyelid.