Construction of ski complex Oshten and tourist and recreational complex Hadzhok worth a total of $400m+ will be launched later this year in Northern Caucasus’ Republic of Adygeya.

The news came simultaneously from various information agencies earlier this week with reference to Vladimir Petrov, head of Adygeya’s tourism and resort committee.

The republic is a mountainous region with no access to sea, as it is an enclave inside the Krasnodar Region. It has valuable tourism assets such as beautiful high mountains, long-lasting snow cover, and mountain slopes perfect for skiing.

The Oshten complex has been named after a close-by mountain 2,804 meters high, which is easy and safe for climbing. The 40 hectare complex will have a ski-run, five hotels each accommodating 300 guests, and several cable cars with a total length about 6,000 meters. Besides skiing, visitors will be able to try hang gliding, mountain and rock climbing, and caving.

The Hadzhok complex is projected to have several hotels, business centers, restaurants, shopping malls, parking areas, spa centers, cinema theaters and fitness facilities on a 180 hectare area.

Marchmont has learned that the area surrounding the future complex is considered a unique mountain resort. Here one can find plenty of virgin natural beauties virtually intact. All types of landscape available throughout Russia are concentrated in this unique location.

Vladimir Petrov has pointed out that the republic has signed contracts with a pool of Russian and foreign private equity investors who are expected to fund the two major projects.

No names of companies have been disclosed, however, Moscow’s developer Konti that has recently closed a $400m tourist infrastructure deal with Adygeya authorities is most likely to be the lead investor.

Adigeya authorities make no secret of an obvious link between the current investment boom in the region and preparations for Sochi’s 2014 Winter Olympic Games.

“As we are located so close to where the Winter Olympic Games will be held, we have a fair chance of launching numerous projects,” Aslan Thakushinov, the Adygeya president, said in his interview to Rossiyskaya Gazeta in February 2008.

Adygeya has been included in the Russia’s South federal program for 2008-2012 approved by the RF Government. The decisions is opening the locks for the republic to get $333m worth of federal support to build three tourist complexes here.

Currently Adygeya authorities are looking for investors to finance a Maikop airport reconstruction project where a new runway is to be built. Additionally, Interfax quotes Vladimir Petrov as saying that the local government is considering privatization of the Lagonaki tourist base this year with the prospect of turning it around and into a ski complex in 2009.

For reference:

The Republic of Adygeya located in the central part of North-West Caucasus in the catchment areas of the Kuban, Laba and Belaya Rivers is predominantly agrarian with industries on the rise. It is a stability haven in the Caucasus region too.

Adygeya provides splendid opportunities for both sports-related and sightseeing tourism.

The nearest large airport is Krasnodar connected with Adygeya by the R253 highway.