Northern Caucasus Resorts OJSC contributed to promoting development of the tourism cluster and attracting Russian and foreign investors. As a result, foreign investment agreements for a total value of 3.3 bil. USD and agreements with Russian investors amounting to 77 bil. RUR have been concluded.
Northern Caucasus Resorts OJSC is negotiating with a number of big investors willing to take part in the project, including investors from Russia, European, Asian, and Arab countries.
In 2012, a memorandum of understanding with Rizzani de Eccher S.p.A., Italy, for investing up to 1 bil. USD in business and hotel infrastructure under the Project was signed. Memoranda of understanding were also executed with Dalian Wanda Group Co., Ltd and China Oceanwide Holdings Group Co., Ltd for investing in projects in the territory of the Russian Federation, including projects related to tourism cluster.
France-Caucase, affiliate of Caisse des Depots et Consignations. June 17, 2011 – Northern Caucasus Resorts OJSC and Caisse des Depots et Consignations concluded a framework cooperation contract followed by the pre-shareholder agreement concluded in September 2011, and the Joint venture shareholder agreement executed in Brussels on December 9, 2011 that allowed for registering the company in the Netherlands.
According to the Shareholder agreement, in 2012 the joint venture is planning to attract to the tourism cluster investments amounting to € 1 bil.
Charter capital of the joint venture will amount to € 10 mil, 51% belonging to the Russian party, and 49% belonging to the French party. The Board of Directors of the joint venture will include four representatives of each party and will be chaired by a representative of the Russian party. The CEO of the joint venture will be a representative of France. The parties decided on establishing a Technical Committee consisting of leading Russian and French experts to perform comprehensive assessment of investment projects.
The joint venture will coordinate development of the concept for and construction of the Northern Caucasus Tourism Cluster, and will be responsible for developing investment product sales system, project business plans, and attracting foreign investors. One of the main tasks of the joint venture is to examine all projects to be implemented and bring them into compliance with international quality standards from economic, ecological, technical, social, infrastructural, architectural, and other points of view.
Korea Western Power and CHT Korea. September 16, 2011 – Northern Caucasus Resorts OJSC, Korea Western Power, and CHT Korea signed a Memorandum of cooperation followed by an Agreement for investing and establishing a joint venture to develop the North Caucasus Tourism Cluster on November 2 during the II Russia-Republic of Korea Dialogue forum in St. Petersburg.
50% of the Charter capital of the joint venture will belong to the Northern Caucasus Resorts OJSC, 40% – to Korea Western Power, and the remaining 10 % – to CHT Korea.
The company will ensure power supply to the tourism cluster being developed in the south of Russia, specifically, participate in construction of 5 power plants, a set of solar and wind plants for electric power generation, modern plants for emission purification and carbon sequestration.
Investment from the South Korean companies during the first stage of project implementation will amount to USD 300 mil.
Nafta-Moskva OJSC . July 15, 2011 – A cooperation agreement was concluded between Northern Caucasus Resorts OJSC and Nafta-Moskva OJSC. The agreement is aimed at developing a tourism cluster in the Republic of Dagestan. Nafta-Moskva will invest in sports and infrastructure facilities in Dagestan. Investment volume including construction of an airfield and the central stadium will amount to USD 1.4 bil.
InvestTurService Ltd . September 16, 2011 – The Republic of Adygea, Northern Caucasus Resorts OJSC, and InvestTurService Ltd signed a Memorandum of cooperation in developing special tourism and recreational economic zone in the territory of the Maykopsky District of the Republic of Adygea.
The Memorandum confirms the intent of the parties to fully promote development of the special tourism and recreational economic zone in the Republic of Adygea, as their competence may permit, specifically as related to investment policy, special planning and land use, infrastructural development, environmental protection, staff training for sports and infrastructure facilities of the project.
InvestTurService Ltd is planning to invest 3 mil. RUR in construction of hotels and related infrastructure.
November 16, 2011 – Northern Caucasus Resorts OJSC and Suprema Associates, Singapore, concluded a contract for cooperation in implementing the North Caucasus Tourism Cluster project.
Suprema Associates plans to invest USD 1 bil. into the resort infrastructure of the tourism cluster.
ACROPOL Group Ltd. September 29, 20011 – Northern Caucasus Resorts OJSC and ACROPOL Group Ltd concluded a Framework agreement for cooperation in establishing new mountain resorts in the Dzheyrakhsky and the Sunzhensky District of the Republic of Ingushetia.
ACROPOL Group will invest in hotel infrastructure, residential and commercial real estate. Estimated volume of ACROPOL Group investment into the mountain resorts of Ingushetia is USD 1 bil.
Astor Dress & Sommer Consortium. September 17, 2011 – Northern Caucasus Resorts OJSC and Astor Dress & Sommer Consortium signed a Protocol of intent for investment collaboration.
The parties intend to develop cooperation in construction of Lagonaki ski resort located in the Apsheronsky District of Krasnodar Krai and the Maykopsky District of the Republic of Adygea, and Mamison ski resort located in the Alagirsky and Irafsky Districts of the Republic of North Ossetia-Alania.
To efficiently cooperate on the Project, the parties will create dedicated working groups. Financial and organizational issues of project implementation will be provided for by separate agreements.