Ras Al Khaimah Investment Authority (Rakia), the government's investment arm, is planning to either reduce or exit from its international projects to be able to focus on domestic ventures, a top official said.
"His Highness Shaikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has instructed us to focus on Ras Al Khaimah and reduce our investment outside," Dr Khater Masaad, Chief Executive Officer, told Gulf News on Tuesday evening on the sidelines of a briefing organised by the CEO Club — a network of 11,000 members worldwide — in Dubai.
Rakia has investment projects in Georgia where it runs the Black Sea port of Poti. Rakia had a plan to develop a free zone, and it also has been given land to develop properties near the capital Tiblisi.
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