Kazakhstan Chamber of Commerce in the USA

KazCham


RIXOS Group to develop Kinderley resort on Kazakhstan’s Caspian shores

Posted on September 04, 2014 by KazCham

Business Intelligence from Colibri Law Firm: Issue #93

Kazakhstan’s Samruk-Kazyna Real Estate Fund has signed an agreement with RIXOS Group on constructing the first stage of the Caspian-based Kinderley resort zone, according to the Press Service of the Committee for Tourism in the Ministry of Investments and Development.

“The first stage of the project envisages construction of 2 hotels (holding 4 and 5 stars respectively), an aqua park and a raft of cottages. The sides are working on a joint roadmap and schemes to finance the project”, the statement reads.

The resort is expected to accommodate a total of over 20 hotels, over 8000 villas and 40 000 cottages. The overall investments are estimated at $3.3 billion. The resort is projected to cater to over 640 000 tourists a year by 2020, with 70% of them being foreigners. The project is expected to offer 54 000 new jobs, with the projected annual revenues standing at $800 million.

Earlier the country’s Ministry of Investments and Development elaborated a masterplan to develop the resort zone, which is now part of the country’s Tourism Industry Development Concept approved by the Government May 19, 2014.

Print Friendly

Leave a Reply




↑ Top