Infrastructure

Home page

Infrastructure

American and Arabian investors show serious interest in â€œKhazar Islandsâ€ project

13 March 2012 07:46 (UTC +04:00)

President of Avesta concern Haji Ibrahim Nehremli told APA that investors from the UAE, Turkey, India, the U.S. investment companies, as well as the World Bank and other financial institutions show interest in the project.

Sales and Marketing Director of Khazar Islands Kanan Guluzade told APA-Economics that the first group of investors from Dubai has arrived in Baku and became acquainted with the complex. The visit of the second group is expected in the near future. Turkish companies, along with investment in the complex, are willing to participate in its construction as a contractor.

About 30 investors are scheduled to visit Baku in March.

Note that, the project will cost nearly $100 billion and it will be realized in four stages. The first phase will be completed in 2016, area of 5 million square meters, or 40 thousand apartments will be built up within framework of this phase.

The first stage needs $12 bln, of these $4 bln is considered to attract from foreign investors. The company’s management thinks that after successful completion of the first stage, the investors will take more interest in participation in the second stage, too.