Russian builder seeks investors - Emirates24|7

Russian builder seeks investors


Metropol Group, a leading Russian property developer, will showcase its $3.5 billion (Dh12.8bn) Metropoliya project at Cityscape Abu Dhabi, a press statement said yesterday.

Located in the heart of Moscow, the mixed-use development is spread over 1.5 million square metres and is based on cutting edge Japanese "green" technology.

The focus of the Metropoliya project – grouped around ten buildings connected by green public spaces – will be sustainability and energy efficiency with a low carbon footprint. Using technologies tried and tested in Japan, Nikken Sekkei is aiming for a development that uses up to 60 per cent less energy than equivalent projects.

The construction is set to begin in 2009 and take seven to eight years to reach completion. Central to the project will be a signature 364-metre tall tower of strikingly simple design with smaller towers arranged in lotus flower pattern providing residential, office and commercial space.

"It is no accident that we have decided to showcase this important flagship project in the Middle East," said Dr Mikhail Slipenchuk, founder and CEO of the Metropol Group. "With so many iconic and truly unique projects being realised here in the Middle East we took the view that the UAE is an ideal location for us to seek development and investment partners.

"Russia, too, is an attractive market for real estate development," he added. "The growth of Russian GDP and incomes, moderate inflation and the general stability of the Russian economy are major reasons for the increased interest of foreign investors in the real estate market, and in particular Moscow as the main business centre of the country."

According to the Central Bank of the Russian Federation, the country's gold and currency reserves exceed $500bn – third only to China and Japan.

Cityscape Abu Dhabi will run from Tuesday until Thursday in the UAE capital.