Russian billionaire Alexander Kozhin together with investors from South Korea plans to invest up to RUB 2 billion (US$35 million) in the building of a new yachting marina and yacht club on the Russian St. Petersburg shore of the Gulf of Finland.

The total area of the complex will be about 5,000 m2. The new yachting marina will be designed for 150-200 yachts and will be one of the largest on the Russian Baltics.

Russian media reported the project may involve participation of the Lotte Group, who will act as the general contractor of the project. Part of the funds for the project are expected to be provided by Woori Bank in the form of a loan.

In recent years a number of Russian billionairies have increased their investments in yachting business.

Most recently Vagit Alekperov, president of Russian oil major Lukoil, announced his plans to invest up to US$200 million in the development of OneOcean Port Vell mega-yachts port in Barcelona, which was recently acquired by the businessman together with the Qatar investment bank Qinvest.

The invested funds allowed the port to deal with yachts up to 80 meters. In 2016, the number of such yachts on the OneOcean Port Vell berth grew by 85%, and the number of yachts exceeding 100 meters increased by 742%, the port's website says. In total, the harbour is capable of taking more than 150 vessels up to 190 meters in length.

Analysts of the Russian Ministry of Sport and Tourism believe the acquisition  of the port is a good deal for Alekperov, as, due to economic stagnation in Spain, prices for such assets have significantly declined in recent years.

Analysts also believe, the port has such advantages as proximity to the Balearic Islands and the Cote d'Azur.