The document is being finalized now. Termination terms must acceptable to both sides. It is expected that this work will be completed by 1 October 2012, he said.
“During the week we will adopt the approaches to this. We are in talks with other investors on conceptual development of the territory. More meaningful negotiations (schedule, terms) will take place after the termination of the contract,” Alexander Krepak said.
The State General Reserve Fund of the Sultanate of Oman withdrew from the project in the center of the Belarusian capital. The project involved the construction of a multi-function compound in the territory between streets of Kupala, Bogdanovicha and the River Svisloch. The compound featured a five-star hotel, luxury homes and shopping centers. It was expected that the project would be commenced in 2011 and completed by 2016. The total investment was estimated at $150 million.
According to Decree No. 93 as of 1 March 2010, the State General Reserve Fund of Oman represented by the Eagle Properties Four company in Belarus received a land parcel in Minsk in private ownership. The land parcel includes the National Exhibition Center BelExpo, City Clinical Hospital No. 1 and several other buildings.