Georgia pledge to boost economic ties with Ras Al Khaimah

During the meeting, the two leaders held wide- ranging discussions which focused on expanding trade and investment cooperation. Both sides pledged to make further efforts to boost economic cooperation between Ras Al Khaimah and Georgia.

Welcoming the Prime Minister, Sheikh Saud said that Ras Al Khaimah and Georgia shared very warm bilateral relationship characterised by strong government to government cooperation and highly productive business ties developed between the business communities of the two regions.

"Bilateral economic linkages between RAK and Georgia have been expanding rapidly through increased trade, tourism and investment flows. However, we still need to redouble our efforts to tap the full potential of the two fast- growing economies," he said.

Sheikh Saud expressed confidence that the economic partnership between RAK and Georgia would receive new momentum and develop even closer ties in the future following the visit of the Prime Minister and close interaction between officials of both sides.

Prime Minister Lado Gurgenidze hailed the rapid development of business ties between Ras Al Khaimah and Georgia and said that Georgia attached prime importance to developing closer ties with Ras Al Khaimah. He suggested that industry and business circles of Georgia and Ras Al Khaimah should further deepen understanding and cooperation so as to achieve mutual benefits.

The business ties between Ras Al Khaimah and Georgia have witnessed substantial progress following the visit of Georgian President, Mikheil Saakashvili to the emirate in February, 2007 which was followed by a visit by Sheikh Saud to Georgia in June last year.

Ras Al Khaimah has drawn up plans for substantial investments in Georgia across various sectors, including the development of five mega property development projects by Rakeen with a total project value of over $2bn.

Rakeen's ongoing projects in Georgia include the Tbilisi Heights, a unique mixed- use and integrated development aimed at making Georgia an international tourist destination. The project involves the creation of a self sufficient, gated and integrated community providing complete commercial, residential and entertainment facilities and extends over 180 hectares.

Uptown Tbilisi development, another project of Rakeen, comprises a luxurious shopping mall, four ultra-modern residential towers and two 36-storied office towers. The other projects by Rakeen in Georgia include mixed- use developments in Vardzia and Tabakhmela.

According to Rakeen officials, all the projects would be completed within three to five years.
The high level delegation from Georgia included Vakhtang Lejava, First Deputy Minister of Economic Development, Kakha Baindurashvili, First Deputy Minister of Finance, Tamuna Liluashvili, Director, National Investment Agency of Georgia, Tamuna Machavariani, Advisor to the Prime Minister, and Goga Melikidze, Advisor to the Prime Minister for Economic Issues.

Sheikh Omar bin Saqr Al Qasimi, Chairman of RAK Ruler's Private Affairs Department, Sheikh Faisal bin Saqr Al Qasimi, Chairman of RAK Financial Department, Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAK Customs and Ports Department, Dr. Khater Massaad, Advisor to RAK Crown Prince and CEO of Ras Al Khaimah Investment Authority (RAKIA), and a number of officials were present at the meeting.
Lado Gurgenidze later toured the Saqr Port and visited the office of the Ras Al Khaimah Investment Authority.