Oman puts "Super Borovets" project in motion, the investment will be 1,1 billion dollars

Oman puts "Super Borovets" project in motion, the investment will be 1,1 billion dollars

The investment fund of Oman State General Reserve Fund (SGRF) and a division of British Equest Investment Balkans Plc are building a ski resort for 800 million euros (1.1 billion dollars) in Bulgaria, said on Sunday a state employee of Oman, as quoted by Reuters .

"State General Reserve Fund holds 40% of the project, and the other major investor is Equest", says the state employee who is familiar with the project. "The resort is located only an hour drive away from the airport in Sofia, and is expected to be completed in 2012" he added.

SGRF is an investment company of the Omani government and is managed by the Finance Minister. The company acquired the controlling share of Equest in early 2009, the agency adds. According to the information from the website of Equest to November the Omani fund owns 33.3 percent of Equest Investments Balkans. Another major shareholder is the Kairos Investment Management with a share of 20.5%.

In November last year Equest Investments Balkans Limited (EIB) announced changes in its corporate structure and governance, the strategy of the fund to exempt from the assets, which are not directly related to its activity and focus on the two main assets - "Technomarket" and the project "Super Borovets".

"Super Borovets" project provides extension to the existing resort by the construction of new hotels, new ski runs, lift systems and related infrastructure, maintenance equipment, and various sports and leisure facilities.

First sod of the project was made in October 2007 near Samokov in the area called Pashenitsa. Equest entered into the project "Super Borovets" earlier that year with the purchase of 33.5% of Rila Samokov 2004 - the company which manages the project. The project was divided into six sub-projects that can be developed independently, which reduces the risks for such a major investment, says information from the site of Equest. An updated business plan regarding "Supe Borovets " Project has been prepared .