Investment Portal of the Arctic Zone of the Russian Federation

500th AZRF resident to build hotel and tourist complex in Murmansk Region

A new investor in the Murmansk Region, Aurora, which has become the 500th resident of the AZRF, plans to build a year-round hotel and tourist complex.

19 September 2022

The Far East Development Corporation (FEDC) signed an agreement on investment activities with Aurora during the business programme of the Arctic Investor Day in Monchegorsk.

A new investor is implementing a tourism project worth RUB 15 mn on the shore of the Kandalaksha Bay in the Murmansk Region. The complex will include 5 modular two-bed guest houses with recreation areas, picnic terraces and a sauna. The area will also feature footpaths that form a shared pedestrian route. The complex, designed to host up to 3,000 guests a year, will be located near the Kandalaksha Bay on the White Sea coast. The launch of the new tourism facility is planned for 2025.

'According to the results of the two-year operation of the preferential regime of AZRF in the Murmansk Region, entrepreneurs have actually invested more than RUB 16 bn in the region's economy. Our region is actively taking advantage of the opportunities offered by the Arctic benefits package. It is no coincidence that we already have 172 residents implementing projects,' said Tatiana Russkova, Arctic and Economic Development Minister of the Murmansk Region.

According to FEDC, 500 companies have now entered into legally binding agreements on investment activities in the Arctic zone of the Russian Federation. The residents actually invested RUB 45.7 bn in the projects and created more than 4,000 jobs.

'By applying for new investment projects, entrepreneurs are actively taking advantage of the possibility of zeroing out several taxes. These include zero property, land and profit taxes for 5 years, a 75% subsidy on insurance premiums for newly created jobs for 10 years and the possibility of obtaining land and a free customs zone procedure. We provide assistance and administrative support to businesses. State support measures allow AZRF residents to implement projects faster, reach profitability, and create new infrastructure for residents of Arctic cities and points of attraction for tourists,' said Vladimir Gudkov, Director of the Department for Arctic Zone Investment Projects Support in FEDC.


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