At the meeting of the Expert Council for special economic zones at the Ministry of Economic Development of the Russian Federation held today in Moscow the business plans of the residents of tourist recreational special economic zones managed by Joint-Stock Company Northern Caucasus Resorts have been approved to the amount approximately 5 billion rubles. Among them the applications of new residents of SEZ prepared with the advisory support of JSC NCR and the applications of a number of already operating residents of Arkhyz SEZ stipulating the increase of investments as compared with the previously declared amounts have been successfully considered. After deduction of the investments previously declared by already operating residents new investments in development of commercial infrastructure of the resort will amount to more than 3.25 billion rubles.

After obtaining the relevant confirming certificates Ilya Muromets LLC, Gornaya Reka LLC and Lux-Arkhyz LLC will become new residents of Arkhyz SEZ. The already operating residents ARS Development, Grand-Arkhyz, Gorny Kristall and Tramplin-1650 will expand their projects.

The projects of new residents provide construction of a cottage complex, a hotel-cottage village and a mini-hotel at the Arkhyz resort. The operating residents will add to their projects an apartment hotel, accommodation facilities in the cottage village and in the hotel, as well as a spa complex. The company Grand-Arkhyz has corrected its project considering the commenced interaction with the Holiday Inn hotel network. The company ARS Development has made a decision to build an apartment hotel near the hotel complex which erection is already in the active stage.

The applications agreed at the meeting of the Expert Council provide establishment of 2,700 new places for accommodation at Arkhyz ATRC. A number of sites provides the creation of spa areas, restaurants and other leisure facilities which services are usually offered by the modern hotel complexes. Thus, the total volume of places for accommodation declared for the moment by the residents of two tourism cluster SEZs — Arkhyz and Veduchi — will make about 7,700, 6,300 of them at Arkhyz ATRC and 1,400 places at Veduchi ATRC. The total number of residents of SEZ is 28 companies.

‘This year we anticipated to attract at least 2.5 billion of private investments but already the first Expert Council for the year has proved that the private sector’s interest in the work of our SEZs is reaching a record and this is just the beginning of the year. In the near future the problem of shortage in places for accommodation that the tourists of Arkhyz are facing now, ceases to be the topical one, and the recreational opportunities for our guests will be expanded. Besides, all business plans of new and already operating residents of SEZs provide for creation of new work places which will be open for employment of local people,’ said Oleg Gorchev, the Director General of Joint-Stock Company Northern Caucasus Resorts.