ADIC invests in Russian resort

06 June 2009

Abu Dhabi Investment Company (ADIC) has announced that it is buying a stake in a Russian resort being built for the 2014 Winter Olympics in the Black Sea resort of Sochi. ADIC, a government-owned fund, said in a statement it plans to invest with Russia's OAO Sberbank in the Gornaya Karusel resort project in the 2014 Winter Olympics host city of Sochi, Russia. The project, of which Sberbank owns 25%, includes building chalets, hotels, restaurants, retail outlets and health centres spread over 2.5 million square feet. ADIC said it will try to bring other investors into the project as well.

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