View All

Abu Dhabi’s Invest AD eyes further investments in Russia

17 Sep 2009

• delegation to attend high-level investment forum in Sochi
• looks to increase stake in Gornaya Karusel resort, which will host 2014 Winter Olympics
• to introduce investors to Russian projects

ABU DHABI/SOCHI, Russia – Abu-Dhabi-based Invest AD is looking to increase its investments in Russia, sending a delegation to an investment forum this week in the Russian Black Sea city of Sochi, where it has invested in a facility hosting the 2014 Winter Olympics.

The eighth International Investment Forum Sochi, which Russian Prime Minister Vladimir Putin is due to address on Sept. 18, brings together senior private and public sector officials to discuss investment in Russia.

Nazem Fawwaz Al Kudsi, chief executive officer of Invest AD, will lead a delegation from the Abu Dhabi government-backed company at the event, and will also meet with Russian companies during his visit.

Working closely with Russia's biggest bank, Savings Bank of the Russian Federation ("Sberbank"), Invest AD took an undisclosed initial stake in the Gornaya Karusel resort in June.

Al Kudsi said Invest AD was intending to raise its holding in the project, and was also looking at other investment opportunities. Invest AD -- the new name for the Abu Dhabi Investment Company -- would also work to increase investment flows between Russia and the Middle East and North Africa (MENA) region.

"We're very impressed by Gornaya Karusel and plans for the whole region, and are looking to invest more," Al Kudsi said. "I'm confident others will think the same, and I believe we can play an important role by introducing select investors from the MENA region to opportunities in Russia."

Gornaya Karusel, developed under the supervision of the International Olympic Committee, should thrive as the region continues to develop as a major destination for winter sports and summer vacations. Improved infrastructure is expected to help draw 330,000 skiers annually by 2015, almost a 10-fold increase from this year.

"Abu Dhabi is demonstrating strong confidence in this important project, and we're keen to work further with our partners, Invest AD," said Herman Gref, chairman of the board and chief executive officer of Sberbank, which has a 25.01 percent shareholding in Gornaya Karusel. "The 2014 Winter Olympics promises to be an extraordinary event, and an economic springboard for Sochi and the wider region."

Located in Krasnaya Polyana district, 30 minutes' drive from Sochi's international airport, the Gornaya Karusel resort will host the Olympic ski jump competition and the Olympic Alpine Media Village. From 2012, it will also be home to the Russian National Ski-jumping Centre, offering over 200 kilometres of world-class ski slopes, and 28 cable lift stations.

The resort will provide accommodation in Alpine chalets and hotel-apartments, and its luxury facilities will include restaurants, retail outlets, sports and health centres and a spa.

Invest AD and Sberbank are joined in the project by the government of the Krasnodar region, the government of the city of Sochi and other prominent partners, with the financing support of Vnesheconombank.