The tourist and recreational special economic zone (SEZ) Arkhyz in the Karachay-Cherkess Republic will have eight new residents. Applications of the resort prospective investors were approved by the Expert Council for special economic zones of the Ministry of Economic Development of the Russian Federation at the meeting which had been held today, on November 24, in Moscow.

The new residents of SEZArkhyz will be PikExperience LLC, Arkhyz LLC, Dausuz-2014 LLC, Grand-Arkhyz LLC, Zhemchuzhina LLC, Riviera-Arkhyz LLC, Sosny LLC and Individual Enterprise of Kh.A. Bolurova. Investment amount varies between 55 million and 804.9 million rubles per resident. The total amount of money from new private investors shall be about 2.3 billion rubles.

"All potential investors have successfully passed the compulsory procedure for the protection of their applications at the Expert Council of the Russian Federation. We hope that till the end of the year they would be granted SEZ resident certificates. Thus, the total number of SEZArkhyz residents attracted by JSC NCR will be seventeen companies and individual entrepreneurs," said Oleg Gorchev, Director General of JSC Northern Caucasus Resorts.

Business plans of the new tourist cluster residents include construction and operation of hotels, cottage settlements, aparthotels of various comfort classes. One of the residents, Dausuz-2014, shall create a complex of the national farmsteads (podvorje), mini bakery, café, food store, as well as historical and art center at the resort area. Already during the ski season 2015/2016 PikExperience shall commence rendering services of renting sports equipment and provide operation of ski instructors schools. "It should be noted that during the natural process of the resort development, one can see remarkable diversification of business areas involved in the project. Now it is not only expensive construction of hotels, but not less extensive in investment volumes related business branches, such as rental services and cultural entertainment of guests," noted the head of JSC NCR.

In the course of implementation of the relevant investment projects, approximately 500 jobs will be created additionally by the residents at ArkhyzATRC on an accrual basis within four years. The amount of their tax payments to the budget of the Karachay-Cherkess Republic will reach 263.2 million rubles on an accrual basis within four years. "A prerequisite for obtaining a resident status is registration of the company or an individual entrepreneur in the territory of SEZ location, which specifies development of the entity in general, as well as its districts," noted Oleg Gorchev.