Azerbaijan, Baku, Aug.23 / Trend, A.Akhundov /
Azerbaijani AtaHolding plans to build a new trade and entertainment business center in Baku, AtaHolding Supervision Council head Ahmet Erentok told Trend on Tuesday.
"We plan to expand and improve our hotel Excelsior Hotel Baku. We have plot of land near the hotel, where we plan to create trade and entertainment business center," Erentok said.
He said implementation of the project will be launched in 2012.
"Only the construction will take about two years," Erentok said.
He said according to preliminary estimates, investments worth about $50 million will be required to implement this project.
"These are only preliminary forecasts. This figure may increase up to $100 million," Erentok said.
He said the holding plans to move his office to this center after the work is completed.
AtaHolding, which started its activity in 2003, deals with investing of capital in various sectors of economy, financial and intellectual resources management, as well as corporate management. The holding's authorized capital is 83.9 million manat, and is mainly directed at the development of finances, information technologies, industry, services and tourism.
The official exchange rate is 0.7863 manat to $1 on Aug.23.