Multi-Billion Plans Announced for Russian Ski Resort

By Community | December 15, 2010

Vice-President of the Russian Olympic Committee, Akhmed Bilaliv has revealed plans to build a new multi-billion dollar ski resort in an attempt to capitalise on the Sochi 2014 Winter Games.

‘Peak 5642’ is being planned to be constructed in Russia’s Northern Caucasus and is estimated to cost a massive US$15bn. Despite the huge expenditure, the project is already gaining significant interest from foreign investors with the likes of Credit Suisse and Invest AD of the United Arab Emirates, accredited with an interest.

The plans for the new resort incorporates five resorts with an estimated completion time of up to 10 years. Building is due to begin in 2012 following the hiring of an Austrian firm to begin the plans developments.

Resorts are set to be located in Dagestan, North Ossetia, Karachay-Cherkess, Adygea and Kabardino-Balkaria after Russian President, Dmitry Medvedev ordered the project to be developed earlier this year.

The Government is expected to provide funding of up to US£2bn for infrastructure costs in hope of an increase of 10 million tourist visiting per year. Bilalov is hoping the Games will give a massive boost to Russia’s winter sports tourism industry.

“Without Sochi it would have been impossible to have come up with a project like this,” said Bilalov. “The success of the building project in Sochi means that people now trust we can do a major like this to an international level.

“It is very different to change stereotypes in people’s minds but with Sochi we are already changing people’s minds. We are showing what we are capable of and that Russia can compete at an international level.”