Beach resort to be built in Dagestan

Construction of a resort and tourism cluster in the North Caucasus
will be supplemented with a beach resort, raising the project's
expenses to 900 billion rubles, Yuga.ru reports.

The project was presented in Adygeya, Kabardino-Balkaria,
Karachay-Cherkessia, North Ossetia and Dagestan in 2010. It included
five ski resorts worth about $15 billion. Construction is supervised
by the Resort of the North Caucasus Company, which has a charter
capital of 60 billion rubles.

Kommersant paper said that Russian President Dmitry Medvedev had
ordered expansion of the North Caucasus tourism cluster by
establishing new beach and health-improvement resorts.

Private investments will need to be raised from 391.44 billion to 783
billion rubles, Ahmed Bilalov, chairman of the council of directors of
the company and Vice-Speaker of the Legislative Assembly, said.

State financing may be extended to 120 billion rubles. The sum will be
spent on construction of infrastructure and engineering networks. The
project expenses will reach 902.88 billion rubles.

Bilalov says that the beach resort on the Caspian Coast of Dagestan
from Makhachkala to Derbent may become one of the largest resorts. It
will have 5 million square meters of real estate. Suleiman Kerimov,
owner of the Nafta-Moskva, said that he will sign a deal with the
Resorts of the North Caucasus in the near future to provide
investments. A source confirmed that Kerimov plans to invest in
construction of two hotels at the beach.

Together with the resorts of Azerbaijan, the new tourism cluster in
Dagestan may form single recreation space of the Caspian. Such topic
will be discussed by the Russian Vice-Premier Alexander Zhukov and
Bilalov with Azerbaijani President Ilham Aliyev in Baku.