ADIC invests in Winter Olympics resort
Abu Dhabi group buys into Russian Olympic resort
Abu Dhabi Investment Company (ADIC) is set to buy a stake in the Russian Gornaya Karusel resort, which will play a major part in the 2014 Winter Olympics in Sochi.
A deal has been struck in collaboration with the government of Sochi, the government of the Krasnodar region and Sberbank Rossii, Russia’s largest bank.
ADIC chief executive Nazem Fawwaz al Kudsi said: “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.”
The project includes hotels, restaurants and health centres over an area of 2.5 million ft².
UAE ambassador to Russia Omar Ghobash noted: “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.”
The partnership, announced at last weekend’s St Petersburg International Economic Forum, marks the first time ADIC has entered the Russian market.