Dream Island to be Constructed in Azerbaijan for $2bln
Azerbaijan, Baku, 20 May / Trend corr E. Ismayilov/ "Implementation of the project Dream Island envisaging construction of houses and offices, medical establishments, university, golf club is planned to commence in October," President of Azersun OJSC Abdolbari Goozal said ina press conference on 20 May. The project will be implemented within seven years.
A joint venture (50% of South Korea's Kolon, 50% of Azersun) was established to implement the project. The official office of the JV will be located in Dubai and a branch will be opened in Baku.
About $2bln is expected to be spent for implementation of this project.
The complex is planned to be constructed in the Bina settlement located 20-25km of Baku. The Dream Island will cover 300 hectares, which is presently unfit for construction. Bringing the area into the state of convenience requires $200mln, Goozal said. Foreign specialists will be involved into implementation of the project.
Azersun Holding started out back in 1991 to become a strong market leader position in the food production, retail and farming sectors throughout the country and region wide. The holding is operating in such fields as processing and packing of tea, vegetable oil, trade and distributorship, construction, banking, insurance, production of paperboard and paper products, canned meat and vegetables, transportation and storage, etc.
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