The Investment Fund of Saudi Arabia will build a hotel complex at Veduchi ski resort located in the Chechen Republic of Russia (Chechnya).
The issue of a ski resort construction was discussed during a meeting of the head of Chechnya Ramzan Kadyrov and first Deputy Minister for North Caucasus Affairs, Odes Baisultanov, the press office of the Ministry for North Caucasus Affairs reports on Wednesday.
According to Ramzan Kadyrov, Chechnya fulfills its obligations on the resort construction ahead of schedule. He also noted that negotiations with the Investment Fund of Saudi Arabia were underway.
“The Arab party is going to build a hotel complex in Veduchi”, the message reads.
The head of the Republic unveiled Saudi Arabia's plans to invest in the economy of Chechnya in May last year. Veduchi ski mountain resort was one of the projects that sparked the interest of Saudi investors.