Ras Al Khaimah Investment Authority (Rakia), the sovereign wealth fund of the emirate, plans an IPO for its port of Poti project in Georgia for 2011, its chief executive officer said.

“We will go for an IPO definitely in 2011,” said Khater Massaad, the CEO of Rakia, without giving a specific date.

Rakia bought the Black Sea port of Poti and 300 hectares of land in 2008 to develop a free industrial zone there to generate income for the fourth-largest member of the UAE, Massaad said.

The CEO, who for over 20 years has worked for Sheikh Saud Bin Saqr al-Qasimi, the Gulf emirate’s crown prince, said there were no plans to increase foreign investments or issue further debt to expand Rakia’s $2 billion portfolio.

“We have clear instructions not to invest any more overseas and to invest only locally,” he said. Aside from the Poti port, Massaad said Rakia also has an aluminium project in India.

Profits from Rakia’s investment portfolio increased by 25 per cent in the first half of 2010, he said. Last year, it made a profit of $65 million.