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10 March '17

Foreign Investors to Discuss Yacht Marina Building Project in Crimea at YIEF 2017

Foreign Investors to Discuss Yacht Marina Building Project in Crimea at YIEF 2017

Chinese entrepreneurs and investors from a Bahrain sheikh’s entourage have expressed an interest in a project to build modern yacht marinas in Crimea to a sum of EUR 20 bn. The news was announced by Aleksei Andrutsky, President of the Yachting Sport Federation of the Republic of Crimea.

He states that Chinese sponsors are ready to invest in building of a full-scale yacht marina network but they are facing some competition here: the project presented at the Russian Investment Forum in Sochi attracted the attention of people from the entourage of a sheikh from the Kingdom of Bahrain, and soon they will announce their position regarding possible participation in building yacht docks on the Crimean shore.

“Negotiations regarding possible participation by foreign investors in these projects were held during the Russian Investment Forum in Sochi; we are still in touch with them and we plan to continue these talks at the Yalta International Economic Forum. We believe that, at the YIEF, we will reach certain agreements and sign an investment contract. We look forward to investors coming to Crimea and launching the transformation of the peninsula’s yachting infrastructure”, said Aleksei Andrutsky.

According to the Delovoy Krym magazine, a network of 12 yacht marinas (in Kerch, Shcholkino, Ordzhonikidze, Sudak, Alushta, Yalta, Evpatoria, and Sevastopol) are planned for Crimea, each to accommodate up to a thousand yachts at a time. In addition, four sheltered ports to protect yachts from storms are planned. Implementation of the project is expected to take approximately 5 years.

The total value of the 16 infrastructure projects is tentatively put at EUR 20 bn.

Let us remind you that, during the Russian Investment Forum in Sochi, on 28 February, Georgy Muradov, Deputy Chairman of the Council of Ministers of the Republic of Crimea – Permanent Representative of the Republic of Crimea under the President of the Russian Federation, said that entrepreneurs, as well as social and political figures of the Arabic Kingdom of Bahrain, are expected among the participants in the 3rd Yalta International Economic Forum.

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