Investment Portal of the Arctic Zone of the Russian Federation

New residents of the AZRF in Chukotka will construct two hotel complexes under a concession agreement

The hotels will be built under a public-private partnership.

4 July 2023

New residents of the Arctic Zone of the Russian Federation (AZRF), Chukotka Concession Company and Chukotka Concession Company-1, will build hotel complexes in Pevek and the Ugolniye Kopi settlement of the Chukotka Autonomous Area. This information is reported by the Far East Development Corporation.

Both complexes, with 40 rooms each, are designed to meet the demand for hotel services among local residents, as well as accommodation for shift workers of regional enterprises. The facilities will be able to accommodate more than 4,000 guests per year. The hotel in Pevek is scheduled to be put into operation in Q4 2023 and in Ugolniye Kopi in Q4 2024. Total investments in projects under agreements with the Far East Development Corporation (FEDC) amount to over RUB 785.8 mn, and 24 jobs are being created.

Three preferential regimes operate simultaneously in the Chukotka Autonomous Area—the Chukotka Advanced Special Economic Zone (ASEZ), the Free Port of Vladivostok (FPV) in Pevek and the Arctic Zone of the Russian Federation (AZRF). Under agreements with the FEDC, residents of the preferential regimes are implementing 96 projects, investing RUB 125.2 bn in the region's economy and creating more than 3,500 jobs.


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