AZE.US
Emin Agalarov says Sea Breeze is no longer just a resort city on the Caspian coast. The founder of the project and president of Agalarov Development said it has grown over the past two years into a large international investment and tourism ecosystem.
In his interview to AZERTAC, Agalarov said government officials, economy ministers, investors and business partners from different countries regularly visit Sea Breeze. The company is also working to attract international brands, restaurants and hotel chains to the project.
The main figure in his remarks was $100 billion. Agalarov said the project’s total investment portfolio is estimated at a minimum of $100 billion, with the funds expected to be attracted over the next 10 years.
Construction is currently under way on about 750 hectares, he said. Work is being carried out on more than 4.5 million square meters of space at the same time, a volume he estimated at around $10 billion. That phase is expected to be completed in about three years.
In its broader form, the project covers the development of 1,850 hectares and the construction of about 30 million square meters of real estate, including hotels, apartments, villas, commercial properties, educational facilities and other infrastructure.
Agalarov also pointed to a new mountain project called Sky Views. He said it will include 35 ski slopes, a hotel designed in the style of an old castle, chalets and apartments. Some of the properties have already been offered for sale.
The company is also considering projects outside Azerbaijan, including in Uzbekistan and Montenegro. Agalarov cited Portonovi as an example, saying its investment volume is approaching $1 billion.
He also described the investment model behind Sea Breeze. According to Agalarov, the project offers internal guarantees and a buyback mechanism, with returns starting at 15% annually and potentially reaching up to 50% over three years.
Agalarov said infrastructure is essential for a project of this scale. Roads, electricity, water supply, sewage and gas remain key factors in the development of the Caspian region, he said.
Water supply has been one of the most important issues. Agalarov said Sea Breeze previously had to rely on desalinated seawater and, during the summer, bring in up to 500 water trucks a day.
The project is now connected to a centralized water supply system using mountain water resources and reservoirs. Additional reservoirs are being built, he said, to allow the system to operate independently for at least two weeks in case of disruption.
Agalarov also acknowledged that Sea Breeze still faces a recognition challenge. The Emin brand is well known in Russia, he said, while Sea Breeze itself still needs wider international visibility.
He said the best way to persuade a potential investor is not through a presentation, but through a personal visit. According to Agalarov, people who come to Sea Breeze at least once and spend several days there are much more likely to understand the project and make an investment decision.
AZE.US