Baku-born tycoon to invest $1bn in Caspian resort
A new resort will be established on the Caspian coast in Baku.
Investments to the tune of $1 billion will be channeled into the
recreation zone, to be set up by an ethnic Azeri Russian
businessman.
The resort will encompass a 300-hectare area between the Nardaran and Pirshaghi settlements, said Araz Agalarov, who owns the major Crocus International group of companies.
"Azerbaijan is a country with abundant history and culture. A recreation zone should therefore be created here to promote Azerbaijan's recognition in the world," he told journalists in Baku on Friday.
"If this project is materialized, it will be talked about around the globe, as my projects are always of global scale," he said. Agalarov added that prominent world experts would be drawn to the project implementation.
Crocus International is a leading group in Russia specializing in retail trade. According to the Forbes 2006 list, Agalarov is in Top 100 Russia's richest men. He is the brother-in-law of Azerbaijani President Ilham Aliyev.
The resort will encompass a 300-hectare area between the Nardaran and Pirshaghi settlements, said Araz Agalarov, who owns the major Crocus International group of companies.
"Azerbaijan is a country with abundant history and culture. A recreation zone should therefore be created here to promote Azerbaijan's recognition in the world," he told journalists in Baku on Friday.
"If this project is materialized, it will be talked about around the globe, as my projects are always of global scale," he said. Agalarov added that prominent world experts would be drawn to the project implementation.
Crocus International is a leading group in Russia specializing in retail trade. According to the Forbes 2006 list, Agalarov is in Top 100 Russia's richest men. He is the brother-in-law of Azerbaijani President Ilham Aliyev.
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