On Thursday, June 1, at the joint stand of the Ministry of the North Caucasus Affairs of the Russian Federation, Joint-Stock Company Northern Caucasus Resorts and Joint-Stock Company Northern Caucasus Development Corporation (NCDC) at the St. Petersburg International Economic Forum 2017, Joint-Stock Company Northern Caucasus Resorts signed memorandums of intent with potential residents of the SEZ in the Karachay-Cherkess Republic in Arkhyz ATRC.
Narsana and Olympia companies registered in Karachay-Cherkessia documented their intentions to become residents of the special economic zone in Arkhyz resort before Odes Baysultanov, First Deputy Minister of the Russian Federation for North Caucasus Affairs. The total amount of their future investment shall be RUB 3.1 billion.
In accordance with the memorandum, Olympia intends to create a cottages resort in Arkhyz resort, the Karachay-Cherkess Republic, with the total cost of RUB 1,121 million, and Narsana – a cottages resort with the total cost of RUB 2 billion.
‘Formerly, in 2013, on the pilot site of the tourist cluster – Arkhyz resort – there was only one resident working. And today we signed a memorandum of intent with potential residents of the site, which presumably will be the 28th and 29th, and after obtaining the status of resident they will take the amount of investment in the SEZ to RUB 12.1 billion. I suggest our new partners shall immediately begin preparing resident applications, that will enable them in the remaining part of the year to pass the Expert Council at the Ministry of the North Caucasus Affairs of the Russian Federation, where we will examine their business plans,’ Odes Baysultanov, First Deputy Minister of the Russian Federation for Northern Caucasus Affairs, said.
‘It is a great achievement for us, that Arkhyz, a new tourist destination, operating for less than four years, has become not only a popular holiday destination for guests from all over Russia (as you may remember Arkhyz received more than 600 thousand tourists in total), but has also established itself as an attractive investment project. Given the dynamically growing tourist flow and proportionate demand for accommodation services, we can be confident in the success of business projects of new residents. I wish successful work to our partners, and I hope that together we will make Arkhyz one of the best ski resorts in the country,’ Oleg Gorchev, Director General of Joint-Stock Company Northern Caucasus Resorts, said to participants of the signing.
‘We are very pleased that we have time to start working on some of the few remaining investment lots of Arkhyz special economic zone. The story of the development of this resort is a real success story. There has been talk of Arkhyz in the republic, companies are eager to participate in the project, so we have no doubt that our investment will pay off in the long term, and we will be part of a larger tourism festival, which is gaining momentum in Karachay-Cherkessia,’ Temirlan Dzhanibekov, Director General of Narsana LLC, said.
‘Let me thank you for your attention and care given to us even before we started building our hotels. We promise to commission a facility that will live up to the responsibility vested in us, and will be one of the biggest in Arkhyz. Already we see the attitude that imparts the enthusiasm and desire to start as soon as possible. As any businessman is, first of all, a man of action!’, Konstantin Zafirov, Director General of Olympia LLC, added.
According to the results of the signed memorandums, JSC NCR will assist prospective investors in the completion of their business plans, preparation of documents and filing applications to the Ministry of the North Caucasus Affairs of the Russian Federation to conclude Agreements on resident activities following the results of the passage of the Expert Council on SEZ and award of the resident status of the SEZ.