Feasibility study to be prepared for New City (former Khazar Islands) project in Azerbaijan
The state-owned Azerbaijan Industrial Corporation plans to invite local and foreign specialists to conduct a feasibility study on the development possibilities of the New City complex in Baku, Trend reports referring to the corporation.
According to the results of expert opinions, a decision will be made on the possible further development of the project and the search for potential investors.
The unfinished complex with a total area of almost 500,000 hectares is located in the northeast of Baku’s Sabail district.
The New City complex, which is on the balance sheet of the corporation, previously belonged to Avesta concern and was called Khazar Islands. It consisted of islands in the sea with luxury accommodation, entertainment facilities and other infrastructure.