According to rumours around the boardrooms of Moscow, the place to invest your massive profits is Morocco. While there have been individual Russian businessmen dipping their toe in the real estate market, this time it is one of the big boys, or more accurately in this case, big girls. Inteco (Интеко in Russian, "Inteko") is a Russian construction company, 99% of which is owned by Yelena Nikolayevna Baturina (Елена Николаевна Батурина)Russia's richest woman and wife of Moscow city mayor, Yuriy Luzhkov.
Yelena Nikolayevna BaturinaIt is not a company without a hint of trouble and on October 9 2005 executive director of Inteko-agro, Alexander Annenkov, was attacked by three assailants armed with axes. He survived. On October 13 2005, Inteco lawyer, Dmitry Steinberg, was shot at the entrance to his house. Baturina attended his funeral.
Inteco, the real estate subsidiary of Russian gas company Gazprom, announced its intention to invest close to a billion euros in real estate and tourist projects in the north of the country.
Inteco has only recently established a Moroccan entity, which will invest 488 million euros for the construction of villas and apartments, golf courses and tennis courts, a mall and a marina on a sprawling 118.6 acres in the Rif mountains.
The Russian group plans to carry out a similar project close to the city of Tetouan on an area of 2,965 acres.
Tags: Moroccan Morocco Fes, Maghreb news
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