Kazakhstan Chamber of Commerce in the USA


RIXOS Group to develop Kinderley resort on Kazakhstan’s Caspian shores 0

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.

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