27 November 2018
Applications of investors of Arkhyz SEZ for almost RUB 1 billion were approved at the meeting of the Expert Council

At its meeting of the Expert Council for tourist-and-recreational special economic zones (SEZ) included in the North Caucasian tourist cluster, which took place today in the Ministry of the North Caucasus Affairs of the Russian Federation, headed by Olga Rukhullaeva, Deputy Minister of the Russian Federation for North Caucasus Affairs, applications of two potential residents of SEZ in the Karachay-Cherkess Republic were approved. Investors are ready to invest in development of hotel room stock of all-season resort Arkhyz more than RUB 935 million.
In accordance with the business plan, Kurort Invest intends to build on the North-oriented slope of Romantik tourist village a hotel resort Pyat Gor, consisting of a hotel and a chalet complex of 18 cottages with total capacity of 420 persons (with potential provision of 174 additional accommodation places). Within the facility, a restaurant and a lobby bar, SPA center, billiard hall, children’s leisure center, summer and winter sports gear rental and storage center, parking lots and also a basket picnic zone with arbors and terrainkur. The amount of investment in the project shall amount to more than RUB 822 million.
The second resident Paradise LLC put forward an initiative to build a hotel resort on the South-oriented slope of Romantik tourist village. It shall include 8 chalets with capacity of up to 180 persons, a parking lot, children’s leisure center and sports equipment storage zone. The investment amount is estimated at RUB 113 million.
Previously, applications by potential investors were considered at the meeting of the Supervisoty Boards of Arkhyz SEZ, the members of which recommended to the future investors to submit applications to the Ministry of the North Caucasus Affairs of the Russian Federation to enter into agreements for tourism and recreation activities with a business plan and set of necessary documents attached.
Following consideration of applications, Olga Rukhullaeva, Deputy Minister of the Russian Federation for Northern Caucasus Affairs, noted interest solutions in the presented projects to transform resort territories in the region, settle issues of improvement of tourist servicing quality, but also reminded on the responsibility of investors for implementation of the planned measures and performance of the assumed obligations within the established time frame.
The tourist sector is one of the most important factors of development of economy of the North Caucasus, that is why we control performance of the investors’ obligations very attentively, including, observance of the established deadlines and arrangements for each work stage. Any deviations of the assumed obligations by an investor shall entail penalties and may constitute a ground for termination of the agreement,’ Olga Rukhullaeva stressed.