RAKIA’s withdrawal from Poti FIZ will not result in suspension of investment projects.

Currently, the group makes focus only on SHERATON renovation project that will open in spring 2017 and in a week the new facade of the hotel will be visible for everybody, the Group’s representatives noted.

RAS Al Khaimah Investment (RAKIA) does not plan to sell the facility in the future and will announce new projects in January 2017. Accomplishment works, arrangement of suites, interior and auxiliary spaces still remain in SHERATON package. StarWood company will ensure the hotel operation.

Total budget of the project exceeds 40 million USD. Sheratn Metechi Palace was bought by Saud Bin Saqr Al Qasimi, Sheikh of RAS Al Khaimah Emirate, for 67.5 million USD in 2007 at auction announced by Ministry of Economy (the starting price was fixed at 25 million USD and 7 companies have taken part in the auction).