Arkady Rotenberg to oversee construction of 700-berth facility in Balaklava

Russian billionaire Arkady Rotenberg has officially launched the construction of a major new marina development in the Crimean city of Balaklava in Sevastopol.

The project is being implemented by Rotenberg via his engineering holding, Stroygazmontazh. Also known as the SGM Group, Stroygazmontazh was the general contractor for the building of the Crimean Bridge.

The new marina will be designed to accommodate around 700 yachts, making it one of the largest marinas in Europe.

According to the governor of Sevastopol, Dmitry Ovsyannikov, construction should be completed by the beginning of 2020. By this time, the marina will be have been officially commissioned.

The project is part of Vladimir Putin’s plans to create a world centre for yacht tourism in Crimea and to improve the image of the peninsula on the word stage.

In addition to the marina itself, the project will involve the improvement of embankments and adjacent land.

The volume of investment in the project is estimated at RUB 15bn (US$300m), a record sum for the development of yachting in Russia.