Baku, Azerbaijan, July 17
By Kamala Mammadli – Trend:
The state-owned Azerbaijan Industrial Corporation plans to invite local and foreign specialists to conduct a feasibility study on the development possibilities of the New City complex in Baku, Trend reports referring to the corporation.
According to the results of expert opinions, a decision will be made on the possible further development of the project and the search for potential investors.
The unfinished complex with a total area of almost 500,000 hectares is located in the northeast of Baku’s Sabail district.
The New City complex, which is on the balance sheet of the corporation, previously belonged to Avesta concern and was called Khazar Islands. It consisted of islands in the sea with luxury accommodation, entertainment facilities and other infrastructure.
According to the president of the Avesta concern Haji Ibrahim Nehramli, an equivalent of $2 billion was invested in the project in manats in terms of the then exchange rate ($1=0.7 AZN). It was planned to partially commission the complex by 2016, and fully commission by 2025.
However, in 2015, the construction of the complex was suspended due to lack of funds.