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Rakeen to open $200m complex in Georgia

07 Sep 2010

(MENAFN) Ras Al Khaimah’s Rakeen has announced plans to open a $200-million residential, office and shopping complex in Georgia in 2011, Gulf News reported.

The 72,836-square-meter development will open in the third quarter of next year, Lasha Machavariani, a marketing consultant for Rakeen in Georgia, said in a statement.

Rakeen paid $65 million for 49 percent of Georgia’s Black Sea Poti port in December 2008, after previously winning a government competition to develop the port and acquiring a 51 percent stake.

It is also set to build an airport in Poti, which hosts the country’s only special economic zone to attract investors.

In January, Rakeen hired Harradine Golf AG of Switzerland to design and build Georgia’s first 18-hole golf course near the capital.

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