In Arkhyz Special Economic Zone (SEZ) of a tourism and recreational type (Karachay-Cherkess Republic) seven new residents will appear who are ready to invest 1.7 billion Rubles in construction of infrastructure facilities at the said resort. Their applications were approved by the Expert Council for Special Economic Zones, the RF Ministry of Economic Development at a meeting held today, March 23, in the city of Moscow. Thus, the total present declared investments made by all residents of Arkhyz ATRC amount to 5.6 billion Rubles.

New residents of Arkhyz SEZ will be as follows: PRIO Gorod LLC, Yug-Turizm LLC, YugResurs LLC; Kavkazskie Kurorty LLC, Kurortinvest LLC, ARS Development LLC, and IP O.V. Popova. The investors will develop the infrastructure of Arkhyz ATRC mainly out of their own equity funds, without attracting debt financing.

“As Arkhyz dynamically grows, the interests of private investors similarly increase. If at the first stage we had to look for people who were willing to invest in project equity, now we already have the ability to sel ect the most competitive projects fr om among those proposed for implementation. Today we have 7 investors, and this is just a start of the year. After formal status assignment, the number of Arkhyz SEZ’ residents attracted by NCR JSC will total to 24 companies with total capital investment being over five and a half billion Rubles. I want to emphasize that attractiveness of Arkhyz for investors is growing, despite difficult economic conditions in the world,” said Oleg Gorchev, Director General of NCR JSC.

Business plans of new residents provide construction of four apartment-hotels with over 750-person accommodation capacity, a 3* hotel complex for 299 persons and a 4* hotel for 200 persons. The residents will commission about 1,250 accommodation units with various levels of comfort.

Besides, apartment hotels and hotel complexes will include built-in restaurants with total 160 seat capacity, cafés, lobby and lounge bars with total 180-seat capacity. Underground parking garages, meeting rooms, rental stores for ski equipment will be opened.

One of the residents, Kavkazskiye Kurorty LLC, plans to build a 200-seat restaurant and a child center with a gym and a game room, designed to host 60 kids who will be guests of Arkhyz ATRC.

Visitors will have their leisure at the SPA center, sports and recreation area, billiard room and bowling hall, and а trout pond for sports fishing and a recreation areas with wooden houses.

During implementation of the business projects, new residents of Arkhyz ATRC will create over 330 working positions.