The project Khazar Islands inspired privatization of Avesta Concern

The concern Avesta in order to attract local and foreign investment to major projects for construction of the residential archipelago Khazar Islands in shallow water on the south coast of Baku city is transformed into a corporation. For investment grade Deloitte & Touche conducts appropriate audits. On October 26 there was opening of two playgrounds in the complex and the owner and head of the group Avesta Ibrahim Ibrahimov reported about that.

The privatization process will be completed in the shortest possible time. It is expected to attract investments in several forms, such as through the issuance of bonds and the creation of an investment fund. Capital of the fund may reach 500 million manat. Meanwhile the construction is funded from the concern and invested in it more than $ 1 billion.

The first foreign partner of the concern Avesta is a Turkish company Sema, which is investing $60 million in the construction of residential buildings. "Interest in the project Khazar Islands by foreign companies is growing and the offers to participate in it come from companies in different parts of the world," the head of the concern.

The total investment required is estimated at $ 100 billion, but Ibrahimov believes that by reinvesting proceeds from the sale it is enough to attract $ 4 billion. It should be noted that in the Khazar Islands it is planned to build the tallest building in the world - Azerbaijan Tower (height not less than 1,050 meters) and the grandest mosque (the volume of investments - $ 1 billion).

Construction work in the town of Khazar Islands is underway. The first building is to be put into operation in 2014. Then first restaurants and sports facilities will be ready. Sales of apartments started and 213 apartments have been bought up to now. In the city with the appropriate social infrastructure (schools, kindergartens, hospitals, theaters, opera, etc.), which by 2023 will have 800,000 permanent residents, there will be built 250 thousand apartments with a total area of ??22 million square meters. To manage this second most populous city in Azerbaijan a municipality will be created.

According to Ibrahimov , the first phase of the project will be completed by 2018. By that time, there will be 100,000 people living there. The apartments will be sold by prior calculation and long-term mortgage loans at 6% per annum. In this case, all of the apartments will be provided to their owners under the key. The apartments can be bought also by housing certificates. The cost of the apartments is AZN 3,000 and up per 1 sq. m

The total area of the archipelago, which will consist of 50 islands and 19 neighborhoods, is 24 square kilometers. There will be employed 600,000 people. More than half of them will be attracted from abroad. According to Ibrahimov, Khazar Islands will bring to the state budget 20 billion manats per year.

The city Khazar Islands will encourage healthy lifestyles. The main means of transport for the residents will be bikes and water modes of transport. The length of the boulevard will be 150 km. A significant part of the city will take green spaces. The city will operate in the waste-free mode. Waste water after treatment will be used for irrigation and household and other waste will be used to generate electricity. -08C-