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Putin supports construction of new resort on Dagestan’s Caspian seashore

May 29, 2012, 18:38 UTC+3

The Dagestani administration and the North Caucasian Resorts company plan to build a new city

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NOVO-OGARYOVO, May 29 (Itar-Tass) —— President Vladimir Putin has supported the construction of a new tourist resort on the Caspian seashore in southern Dagestan.

Dagestani head Magomedsalam Magomedov told Putin about the project on Tuesday. “The project will bolster the development of the republic, create new jobs and give a boost to the regional tourism cluster,” he said.

The Dagestani administration and the North Caucasian Resorts company plan to build a new city, Magomedov said. “That will be a serious economic breakthrough; 150,000 to 200,000 jobs will be created,” he added.

British architects presented the future city’s layout, he said. “Some 150,000 people will live in the city initially, and the population will eventually grow to 500,000. Investors from Austria, France, South Korea and China have taken an interest in the project. The second part of the beach cluster will develop the oldest city of Russia, Derbent,” Magomedov said.

“That is an interesting project,” Putin said. “Certainly, it needs to be worked on. It is also important to synchronize state and private investments. Alas, the authorities make their investments sometimes while investors lag behind and a project gets suspended until the government provides the funding in full.”

The president asked Magomedov how much a square meter of housing space would cost in the new city. Magomedov said the cost would be approximately equal to the average real estate price on the Black Sea coast. He also said he was sure the new real estate would be sold.

Magomedov also told Putin about the Dagestani labor market situation. The official unemployment rate amounts to 2.8%. It stands at 12.8% measured by International Labor Organization (ILO) standards, including approximately 20% for the young. “We need the aforesaid projects to create new jobs,” he said, adding, “Dagestan is deterring security threats and crime.”

“If private companies engage in the project they will be interested in the law and order in the republic,” Putin said.


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