Translartion. Region: Russians Fedetion –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Deputy Prime Minister Alexander Novak held a final meeting of the board of directors of the North Caucasus Federal District Development Institute, where the results of work for 2024 were presented. Andrey Yumshanov, CEO of Kavkaz.RF, delivered a report.
Since 2021, Kavkaz.RF’s contribution to the economy has been participation in projects worth a total of 139 billion rubles, of which almost 70% are related to the creation and development of resorts, the rest are investments in other areas of the North Caucasus Federal District economy. There is an obvious steady increase in the share of banks in these projects. If in 2021 it was zero, then in 2024 it amounted to more than a third.
“We are witnessing a change in the business attitude towards the North Caucasus Federal District and what the state, represented by Kavkaz.RF, is creating here. There are 76 SEZ residents operating at the resorts with a declared investment volume of 158 billion rubles, and 21 of them received the status in 2024. Plus, another 10 were added in the first quarter of this year, which indicates a serious increase in business interest in these sites. This became possible due to the active construction of infrastructure and the promotion of tourism products being created. Kavkaz.RF is today becoming a real center of competence in the tourism sector of the North Caucasus,” noted Alexander Novak.
In 2024, residents began construction of four hotels on Elbrus, five on Mamison, and a large hotel on Veduchi under the management of Cosmos Hotel Group is being completed. It is planned that investors will invest 12.9 billion rubles this year. All this gives the right to expect an increase in tourist flow.
Over the years of its existence, the company has commissioned more than 100 facilities, 11 of which were commissioned in 2024. Among these facilities last year were three technologically complex cable cars – on Elbrus, Arkhyz and Veduchi. Also, in record time, the main part of the infrastructure of the new resort “Mamison” was completed, the technical launch of which took place in March of this year.
“Today, our main focus is on completing the construction of the infrastructure of the northern slope of the Veduchi resort. There are 5 out of 20 facilities left to be commissioned, including a unique road through the gorge. We are also starting the construction of the supporting infrastructure of the Caspian coastal cluster. Of all the facilities of the federal project “Five Seas and Lake Baikal”, we are the first to enter active construction,” Andrey Yumshanov noted in his speech.
The CEO of Kavkaz.RF added that this year the construction of a new tourist ascent zone on Elbrus, a multifunctional service center on the Azau glade, as well as the recreation of the legendary “Shelter 11”, the concept of which can be seen at the Caucasus Investment Forum, will begin.
The board of directors of Kavkaz.RF includes Minister of Natural Resources and Environment Alexander Kozlov, Deputy Minister of Economic Development Sergey Nazarov, First Deputy Minister of Energy Pavel Sorokin, CEO of the Agency for Strategic Initiatives Svetlana Chupsheva, Deputy Chairman of VEB Daniil Algulyan, Deputy Plenipotentiary Representative of the President in the North Caucasus Federal District Vladimir Nadykto, Advisor to the Rector’s Office of MGIMO Zarina Doguzova, as well as heads of Kavkaz.RF Andrei Yumshanov and Khasan Timizhev. The board of directors is headed by Deputy Prime Minister Alexander Novak. The work of Kavkaz.RF is supervised by the Ministry of Economic Development of Russia.
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