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Kuwait City, 5 November 2008 - Turk Capital Corporation, a subsidiary of Kuwait Finance House Group (KFH), signed a Memorandum of Understanding (MoU) on 4 November 2008, with Millenium Corporation, a company owned by Russia's Tatarstan Government. The signing to embark on a real estate project, is to develop the sea front of the Kazanka River in the capital city of Kazan. The development spans across 200 hectares (494 acres) and has an estimated cost ranging from US$6 billion ¿US$10 billion.
The three phases of the project include the construction of a residential real estate area, investment and commercial offices, recreational facilities and integrated service centres. Turk Capital Managing Director Mr Fawwaz Al-Eissa and Millenium General Manager Mr Oleg Lodoveski signed the agreement in the presence of Mr Bader Al-Mukhaizeem, the Chairman and Managing Director of KFH, Mr Mohammed Al-Omar, the Chief Executive Officer of KFH, the Deputy Governor of Kazan and the Chief Executive Officer of Millenium, Mr Oskan Brokobev.
Mr Fawaz Al-Eissa, highlighted that the signing was in conjunction with the Prime Minister of Tatarstan's visit to Kuwait. The Prime Minister was accompanied by a delegation of senior economic and investment officials. The landmark agreement reflects the focus of the company to develop infrastructure, real estate and investment projects in the Republic of Tatarstan. "We have many real estate developments and infrastructural projects in Tatarstan and see a host of opportunities to work in this market. As such, it makes a very good starting point to expand into other neighboring markets at a later stage," Al-Eissa added.
Mr Oleg Lodoveski stated that both the Tatarstan Government and Millenium Corporation look forward to more business ventures with Turk-Capital, in order to step up development in Tatarstan.
Turc Capital was established in September 2007 as an investment holding company of KFH, with a capital of US$150 million. Through the setting-up of the subsidiary, KFH is able to expand into new markets and establish networks with Kuwait, the Gulf Cooperative Council (GCC) countries, as well as markets such as Turkey, the Central Asian countries and the Russian Union.
Turk Capital Corporation had earlier this year established a corporation with a capital of US$10 million with Tatarstan, where Turk-Capital has acquired a 75% share and the remainder by Tatarstan. The deal was signed in the presence of Prime Minister Rostom Menikhanov, and Minister of Economy Marad Safia.
The three phases of the project include the construction of a residential real estate area, investment and commercial offices, recreational facilities and integrated service centres. Turk Capital Managing Director Mr Fawwaz Al-Eissa and Millenium General Manager Mr Oleg Lodoveski signed the agreement in the presence of Mr Bader Al-Mukhaizeem, the Chairman and Managing Director of KFH, Mr Mohammed Al-Omar, the Chief Executive Officer of KFH, the Deputy Governor of Kazan and the Chief Executive Officer of Millenium, Mr Oskan Brokobev.
Mr Fawaz Al-Eissa, highlighted that the signing was in conjunction with the Prime Minister of Tatarstan's visit to Kuwait. The Prime Minister was accompanied by a delegation of senior economic and investment officials. The landmark agreement reflects the focus of the company to develop infrastructure, real estate and investment projects in the Republic of Tatarstan. "We have many real estate developments and infrastructural projects in Tatarstan and see a host of opportunities to work in this market. As such, it makes a very good starting point to expand into other neighboring markets at a later stage," Al-Eissa added.
Mr Oleg Lodoveski stated that both the Tatarstan Government and Millenium Corporation look forward to more business ventures with Turk-Capital, in order to step up development in Tatarstan.
Turc Capital was established in September 2007 as an investment holding company of KFH, with a capital of US$150 million. Through the setting-up of the subsidiary, KFH is able to expand into new markets and establish networks with Kuwait, the Gulf Cooperative Council (GCC) countries, as well as markets such as Turkey, the Central Asian countries and the Russian Union.
Turk Capital Corporation had earlier this year established a corporation with a capital of US$10 million with Tatarstan, where Turk-Capital has acquired a 75% share and the remainder by Tatarstan. The deal was signed in the presence of Prime Minister Rostom Menikhanov, and Minister of Economy Marad Safia.
