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Business Roundup

Prepared by Christina Tashkevich
Friday, February 15

Georgia to boost economic ties with Ras Al Khaimah

Prime Minister Lado Gurgenidze discussed boosting economic ties with Saudi Arabia’s Ras Al Khaimah while meeting with Crown Prince and deputy ruler of Ras Al Khaimah Sheikh Saud bin Saqr Al Qasimi this week.

Sheikh Saud said bilateral economic links between RAK and Georgia have been expanding rapidly through increased trade, tourism and investment.

“However, we still need to redouble our efforts to tap the full potential of the two fast-growing economies,” he said.

RAK’s company Rakeen is developing five property projects with a total value of over USD 2 billion.

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.

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

According to Rakeen officials, all projects are due to be completed within three to five years.

Tbilisi Airport’s new passenger terminal celebrates first anniversary

TAV Georgia celebrated the first anniversary of Tbilisi Airport’s new passenger terminal this week.

General Manager of TAV Georgia Burak Birhekimoglu said by the end of 2007 the total passenger flow of the new passenger terminal increased by 8.5 percent and the number of both cargo and passenger flights by 18.7 percent.

There are 24 check-in counters, three aerobridges, three baggage conveyors, and a car park for 325 vehicles in the terminal, which occupies 25 000 square meters.

The capacity of the new terminal building is 1500 passengers per hour and it can serve 2.8 million passengers a year.

French Business Council in Georgia begins operations

The French Business Council (FBC) in Georgia was launched in the head office of Bank Republic. The organizers of the council, including the bank, wine company GWS, Castel Sakartvelo and GG&MW (Borjomi) said in a statement that the council will promote the open market system in Georgia and foster French-Georgian business relations. FBC will promote and organize contacts with business organizations and Chambers of Commerce in France and Georgia.

Bank of Georgia announces results of new ordinary shares offering

Bank of Georgia announced results of the offering of four million new ordinary shares of the Bank in the form of global depositary receipts (GDRs), each GDR representing one ordinary share of the Bank.

The Bank has sold four million new ordinary shares in the form of GDRs at a price of USD 25 per GDR. The offer raised a gross amount of USD 100 million, which will provide the required capital for the Bank’s planned domestic growth and international expansion according to acting chairman of the supervisory board Nikoloz Enukidze.

British fund buys ten percent of Caucasus Online

British investment fund Growth Management Ltd has bought a ten percent stake in Georgian internet provider Caucasus Online. CEO Mamia Sanadiradze previously owned 95.1 percent in the company. Caucasus Online became a monopoly internet provider in Georgia after merging Sanet and Georgia Online. The company hopes to be listed on the London Stock Exchange by the end of the year.