Emin Agalarov to invest $1 bln in resort near Baku

Investments in developing the Sea Breeze resort on Azerbaijan’s Caspian Sea coastline may reach $1 bln in the coming years, entrepreneur Emin Agalarov, who is developing the project, said.

"Investments in the project, both external and my own, stand at about $700 mln now, but I think we can expect about $1 bln over the coming years," the businessman said.

About 500,000 sq m of real properties have already been built under the project and 50 buildings of diverse formats [and uses] are being built at present, from cottages to large hotels, Agalarov said, adding that development of about 100 additional buildings will commence next year.

A 10,000-seat concert hall modelled after the Coliseum and a hotel in the shape of a cruise ship on a gravity island named Caspian Dreamliner are among the milestone projects still at the idea and concept stages, Agalarov noted. "The cost of such a project is $200-250 mln. I will start [work on it] immediately if I get a permit," TASS cited him as saying.