News

AGALAROV Development will invest $ 5 billion into the Charvak resort on Charvak

The Sea Breeze Uzbekistan project with the participation of the structure of the popular singer Emin Agalarov will be the largest private investment in the tourist infrastructure of Uzbekistan. At the signing of the agreement, the MIPT reported that the project was estimated at $ 5 billion. Previously, the amount of 10 billion was called.

The authorities of Uzbekistan have concluded an agreement with the Azerbaijan AGALAROV DEVELOPMENT on the construction of the all -season resort of the Sea Breeze Uzbekistan in the Bannlyk district of the Tashkent region on the shores of the Charvak reservoir. The volume of investments in the project is estimated at $ 5 billion, the press service of the Ministry of Investments, Industry and Trade said.

The agreement was signed on June 11 on the fields of the IV Tashkent International Investment Forum, which discussed the prospects for attracting foreign capital to the key sectors of the economy of Uzbekistan.

In December last year, it was reported that the project was estimated at $ 10 billion. Emin Agalarov, founder of the Sea Breeze premium resorts network, then presented the project to the President of Uzbekistan Shavkat Mirziyoyev. In April, the project was again discussed by the head of state.

The project is positioned as a “resort city”, which should become a year-round tourist hub that attracts both foreign guests and local residents. The project provides for the development of 577 hectares, including 100 hectares at the first stage. The authorities expect that it will create thousands of jobs and increase the influx of tourists to the region.

The head of the Agalarov Development Emin Agalarov previously announced his intention to replicate the Sea Breeze format (originally implemented in Azerbaijan) in other CIS countries. According to him, the first objects in Uzbekistan can be introduced after 1.5–2 years.

Analysts note that the project will become the largest private investment in the tourist sector of Uzbekistan. However, his success will depend on the infrastructure training of the region, including transport accessibility and logistics.

Last summer, AGALAROV Development also announced the construction of a residential complex and a hotel in the center of Tashkent. The project cost is estimated at $ 133 million.


Source