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Itera to Spend Billions Building Minsk-City

Published: August 7, 2007 (Issue # 1295)


MINSK It may be better known as the capital city of Europes last dictatorship but Minsk is looking to turn itself into an international financial and business hub.

Now, oil and gas giant Itera looks set to invest tens of billions of dollars in a massive new business and residential center in the heart of the city.

Conceived along the same lines as the ambitious Moskva-City project, the 300-hectare Minsk-City would eventually dwarf even its Russian counterpart.

On Tuesday, representatives from Iteras construction arm, Interainvest Holding, held a meeting with Belarussian President Alexander Lukashenko in Minsk to discuss the project.

During the meeting, Iteras interest in broadening its cooperation with Belarus was underlined, the company said in a news release. As part of this we discussed Iteras involvement in constructing the Minsk-City residential and administrative business center.

The Minsk-City proposal put forward by Itera envisions living space for up to 38,000 inhabitants, high-rise administrative-business complexes and a central 80-story skyscraper. The project would be built in the Aeroport district of the city, Itera said in a statement.

The project could cost around $30 billion, Russian media reports said.

Work is slated to start on the project in 2009, the official Belarus press agency reported.

The Minsk-City project was first mooted in May when Lukashenko set Minsks City Hall a timetable to come up with plans for the development, a statement from Lukashenkos office said.

Since being elected president of Belarus in 1994, Lukashenko has faced a barrage of international criticism over his perceived authoritarian rule, a clampdown on opposition parties and rigged elections.

In 2004, the United States introduced a series of targeted economic sanctions against Lukashenkos government for undermining the countrys democratic processes and for human rights abuses. Asked how viable the Minsk-City project is, Mihails Morozovs, managing partner of Colliers International in the Baltic states and Belarus, said many people had doubts about the feasibility of the Moskva-City project to begin with.

It is a question of how long-term your horizons are, Morozovs said.

If Lukashenko is personally behind the project, this could help speed the drive toward development, Morozovs said, citing Mayor Yury Luzhkovs personal backing for projects in Moscow.

If Minsk wishes to be recognized not only on the political but also on the business map of the future, then it has to have certain infrastructure. Minsk-City is one of the key points in this strategy, Morozovs said.

At present there are only around 70,000 square meters of Class A and Class B office space in Minsk, a very low figure for a city of 2 million people, Morozovs said.

Morozovs said there were both negative and positive aspects of working in Minsk, citing serious administrative control over the market. He said developers in Minsk faced greater difficulties than in Moscow. Any major architectural development would have to go hand in hand with massive investment into basic infrastructure, such as road and rail, Morozovs said.





 


ALL ABOUT TOWN

Friday, Oct. 31


Put your grammar and logical thinking to the test in a fun and friendly environment during the British Book Centers Board Game Evening starting at 5 p.m. today. The event is free and all are welcome to attend.



Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at todays Grand Prix Fitness House PRO, the nations premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the citys elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolans latest film Mommy at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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