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Saudi Arabiaâ€™s prince intends to invest in Khazar Islands project - PHOTOSESSION

Saudi Arabiaâ€™s prince intends to invest in Khazar Islands project - <font color=red>PHOTOSESSION</font>

30 October 2012 12:19 (UTC +04:00)

Baku. Ali Ahmadov â€“ APA-ECONOMICS. About $500 mln foreign capital will be invested in Khazar Islands project, realized in Azerbaijan.
President of Avesta Concern Haji Ibrahim Nehramli told APA that in October Khazar Islands leadership held meetings with investors in Dubai and Istanbul.

â€˜As a result of the talks, several businessmen decided to join the project and next week, they will arrive in Baku. The project is especially interesting for the joint company of entrepreneurs from Greece, Saudi Arabia, Dubai and Egypt. This company has constructed several hotels in Dubai and Middle East. The company intends to invest at least $200 mln in the projectâ€™, said Nehramli.

Moreover, initial agreement was reached at the meeting with Turkish investors on investing 50 mln euros in Khazar Islands project. The contract with this company is expected to be signed in the coming days. The company will finance the construction of 6 buildings or 200,000 sq m area.

â€˜At present, negotiations are underway with potential investors. Soon, one of Saudi Arabiaâ€™s princes will visit Baku to discuss participation in the project. Moreover, in November, the representatives of PSG company of Czech Republic, Chinese Eximbank, some Turkish and Dubai banks and companies will arrive in Baku to conduct talksâ€™, added Nehramli.

Khazar Islands will cover 3,000 ha area. It will consist of 41 different sized islands and 19 districts. 8km-long and 3km-wide archipelago will cover 24 sq km. Total length of the boulevard line of islands will reach 50 km. The project will cost $100 bn.