17/12/2014 06:40 AST
Moscow aims to attract investors from across the GCC region to implement urban projects with a mid-term real estate potential of about 180 million square metres.
According to Moscow's Deputy Mayor for Urban Planning Policy and Construction Marat Khusnullin, the city is interested in areas attracting finance for investment in four key areas '“ New Moscow, transportation infrastructure, industrial zones and the Moscow River.
There are already strong ties between Russia and the GCC, with the two-day Russia-Gulf Trade and Industry Forum in Bahrain being the latest initiative to facilitate co-operation and explore mutual investment opportunities.
In the next five to 10 years, the Moscow City Council may issue a permit for the construction of about 180m sqm of real estate, Mr Khusnullin said.
'In order to implement these projects, we plan to use state budget funds, private domestic investments, as well as build partnerships with investors from the GCC and other geographies,' he added.
'In return, the government is ready to provide the most favourable investment climate and individual approach to those who are interested in developing Moscow.'
At present, the total area of the industrial zones within the boundaries of Moscow is about 18,000 hectares.
More than 50m sqm of real estate can appear on the 4,000 hectares of industrial areas, which will be fully reorganised and redeveloped.
Projects with the potential of 4m sqm of real estate are already underway, along with the improvement of transport accessibility, to meet the expectations of both city residents and potential investors.
The renovation of the transportation infrastructure and public spaces also serves as the basis for an influx of international investments in further development of urban areas.
According to already approved plans, 273 transport hubs are to be built in the city, and 192 of them will be permanent.
The transport hubs can be surrounded by more than 15m sqm of real estate.
'The project of the New Moscow development is an absolute priority for the city,' he said.
'This area must grow in compliance with new standards, using the best international experience and practice in urban development, planning, architecture, technologies, and standards for infrastructure.
'We are, in fact, creating a brand new city here and the opportunities for GCC investors are huge,' he added.
Gulf Daily News
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