Turkish company to invest in Tatarstan

Turkey'sHayat Holding will invest $650 million in the Republic of Tatarstan to build a housing development that will accommodate at least 10,000 residents.

Turkish company to invest in Tatarstan

Turkey'sHayat Holding will invest $650 million in the Republic of Tatarstan to build a housing development that will accommodate at least 10,000 residents. Hayat Holding's two companies, Hayat Construction and SunRise Capital, will carry out the project, called SunRise City.

The protocol for the construction project was signed in Kazan, the capital of Tatarstan, in the presence of Turkish Economy Minister Zafer Çağlayan and Tatarstan President Rustam Minnikhanov.

“We will increase our investments in Tatarstan because we trust in the country's future,” said Onur Güven, head of Hayat Holding's overseas investments department. He said the master plan for the project, which will cover 18.2 hectares, is finished and that construction has begun. The first phase of construction will be finished by 2015, while the company projects the project to be finished by 2018.

Luxury residences, commercial centers, malls, schools, health clinics, parks, sport facilities, hotels and an expo center will be found in SunRise City, a housing development that could be defined as a “city within a city.”

Hayat Chemicals, part of Hayat Holding, announced another investment worth $100 million in Tatarstan, this time in paper production. The paper factory is expected to start production by September 2014.

Hayat Holding employs 10,000 workers in eight countries around the world, including Iran, Russia, Egypt and Bosnia. The holding hit $2.1 billion in revenues in 2012 and aims to increase this figure to $2.5 billion this year.

Cihan

Last Mod: 13 Eylül 2013, 21:43
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