We as NUROL Group and particularly the NUROL Construction Co. as the nucleus company of NUROL Group, have been active worldwide for a period of more than forty years. We are glad to express that as of today NUROL Construction Co. has an activity range of 13 countries in three continents whereas the activity range for the whole NUROL Group extends up to 24 countries in five continents.
In order to keep the level reached from both geographical and work volume wise, our relevant departments are uninterruptedly monitoring the regional political and economical developments. After the Soviet Union in early 90 s we have been closely monitoring Georgia and especially in the last decade we have witnessed significant improvements in the governmental structure, economical strength and political stabilization.
Just as an example of the status reached, it should be reminded that despite the conflicts experienced last year, the progression trend was not disturbed considerably and in a very short period former environment could be re-settled. Now Georgia is a well stabilized country with its safe streets, peaceful community and very attractive legislations for investors. It also should not be forgotten that Georgia is a close neighbor to Turkey, our home country, Turkish and Georgian communities have very close historical relations and Georgia is located at a very important energy corridor not only for the region but also Europe.
We are realizing a luxury hotel in Batumi as a design-build project and 100% NUROL investment. The hotel is located at one of the most beautiful tourism centers of Black Sea, which had been one of the most attractive holiday location at the Soviet times. In parallel to the Georgian Government s efforts to take Batumi to its former popularity and with the consideration that considerable growth in the interest of western countries will occur in near future from both tourism and business life points of views, this complex will be the first facility at international standards aiming to attract not only Georgian tourists but mostly people from outside the country.
Our five-star hotel will be having 220 rooms of different types and scheduled to be opened to service in 2010 well-before other luxury hotels that are currently at different stages of realization.
We as NUROL Group have determined Georgia as a country of long run activities and investment. We have initiated our activities in Georgia as contracting activities which was followed by realization of our Batumi Luxury Hotel Complex investment.
Our contracting and project development/tendering activities are still in progress whereas we are also in search of new investment opportunities. We are now proceeding with our development activities for investing in the luxury housing sector with a new residence project in Batumi. Furthermore, our relevant departments are progressing with their studies for investment opportunities in the power sector and we hope to reach solid results in near future for large scale hydropower investment projects.
As stated above, because of the success of our contracting activities and stable status of the country we decided to proceed with investment opportunities and we are fully confident on the success of our investment. Besides, we are pleased to mention that our hotel investment has attracted the interest of one the world s leading hotel chains that will be starting activities in Georgia for the first time and we are about to reach agreement with that hotel chain for operation which also supported our trust.
In addition to these, with the support of promising and reliable state policies, we are now getting prepared for much larger scale investments. We are proud to express that as NUROL we will be serving Georgia for decades with the help of fruitful environment established for foreign investors.
