Iran’s Kayson to invest 250 mln Euro in new hotel and business center in Minsk

The Kayson company from Iran will invest €250 million in the construction of a Magnit multifunctional hotel and business center in Minsk. The investment agreement was signed in the Minsk City Hall on November 2.

The document was signed by the chairman of the Minsk City Council Nikolai Ladutko and the chairman of the board of directors, director general of the Kayson company Mohammad Reza Ansari.

Nikolai Ladutko described the signing of the investment agreement as evidence of Belarus’ great interest in establishing serious business contacts between the two countries. The Mayor also expressed confidence that the signing of the investment agreement will encourage other Iranian companies to work with Belarus. “The negotiations with other Iranian companies (on the construction of a hotel and shopping companies) will now go much faster,” Nikolai Ladukto said.

For his part, Mr Mohammad Reza Ansari informed that Kayson views Belarus as a strategic partner in project implementation, and stressed that the existing relationship between the two countries and peoples contribute to it.

Mr Mohammad Reza Ansari thanked Leonid Anfimov “for the help in the implementation of projects in Belarus, which is very significant. “Your efforts open the way to many investors,” said Mr Mohammad Reza Ansari. According to him, the signing of the investment agreement will become a beacon for other investors, who are studying Belarus, and will serve as evidence of Belarus’ interest in attracting foreign direct investment.

While implementing the Magnit project, Kayson is going to involve the maximum number of Belarusian builders, manufacturers of industrial products, and promised that “the Magnit will become one of the major tourist attractions in Minsk, a place of “rest and delight” for visitors.

Leonid Anfimov expressed the confidence that after the signing of the investment agreement Kayson will immediately get down to the practical side of the project, and will “go this way smoothly, without difficulties” and that the Magnit will open in 2014.

Kayson registered the Belpars joint venture to implement projects in Belarus. Two large investments projects are in progress already. These are the construction of the Polesye transport and logistics center at the Minsk Free Economic Zone and a Magnit multifunctional hotel and business center at the intersection of Nezavisimosti Avenue and Kalinovskogo Street in the Belarusian capital.

The work on the construction project was launched in 2009. Terms have been defined; preferences have been given to the Belpars company. Decree No. 442 on the terms of the construction of the multifunctional hotel and business center in Minsk has also been adopted.

The architectural design of the project has been provided by BRT Engineering GmbH (Germany).

Geoservice jointly with the Iranian company has launched engineering and geological research at the construction site.

According to