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ADIC takes stake in Russian Olympic resort

05 Jun 2009

Abu Dhabi Investment Company enters into agreement to acquire stake in Gornaya Karusel resort being built for the XXII Winter Olympic Games in Sochi, Russia

• Abu Dhabi Investment Company’s first investment in Russia, and also the first investment from the U.A.E. in Olympic Games’ facilities
• In Gornaya Karusel, Abu Dhabi Investment Company joins Sberbank Rossii (25.01% shareholder in project), the largest bank in Russia and Eastern Europe
• Abu Dhabi Investment Company to seek to introduce further investors into the project, developed under the supervision of the International Olympic Committee

Abu Dhabi, U.A.E. / St. Petersburg, Russia (June 5, 2009) – Abu Dhabi Investment Company has entered into an agreement to acquire a stake in the mountain resort of Gornaya Karusel, located in the Krasnaya Polyana district 30 minutes’ drive from Sochi’s international airport.

Gornaya Karusel which will be home to the Russian National Ski-jumping Centre from 2012 onwards, will offer over 200 kilometres of world-class ski slopes, and 28 cable lift stations. The resort will host the Olympic ski jump competition and the Olympic Alpine Media Village.

Gornaya Karusel will have 229,000 square metres of luxury Alpine chalets and 100,711 square metres of hotel-apartments and luxurious residences, restaurants, retail outlets, sports and health centers and a spa following the closing of the Winter Olympic Games. Upon completion, the resort will accommodate over 50,000 skiers per day and offer around 20,000 beds.

This investment builds on Abu Dhabi Investment Company’s role in increasing investment flows between the Middle East and North Africa (MENA) region, and the rest of the world.

“This is a wonderful opportunity for investing in Russia, in an event of as much international significance as the Olympic Games, as well as into a region of immense appeal to visitors and sports people alike,” said H.E. Omar Saif Ghobash, United Arab Emirates Ambassador to Russia who was in St. Petersburg for the 2009 International Economic Forum together with Abu Dhabi Investment Company’s Chief Executive Officer Nazem Fawwaz Al Kudsi.

“On the occasion of the Economic Forum focusing on restoring confidence and value in the world economy, we are delighted to be joined by Abu Dhabi Investment Company in this important project,” said Herman Gref, Chairman of Sberbank.

Al Kudsi further added: “We thank H.E. Omar Saif Ghobash for his support in enabling this landmark deal between Russia and Abu Dhabi. Abu Dhabi Investment Company is looking forward to joining Sberbank as a shareholder in the project.”

“Abu Dhabi Investment Company hopes to play an important role in the development of the project, in particular by introducing selected additional investors from the MENA region or those with significant experience of developing Olympic Games’ infrastructure,” Al Kudsi said.

Abu Dhabi Investment Company and Sberbank are joined by the government of the Krasnodar region, the government of the city of Sochi and other prominent partners in the project, with the financing support of Vnesheconombank.