The Development Bank of Kazakhstan JSC (a subsidiary of the Baiterek holding company, hereinafter referred to as DBK, the Bank) and Upstate LLP have signed a financing agreement and launched the implementation of an investment project for the construction of the four-star Radisson Turkistan Hotel in Almaty.
The total project cost is KZT 11.93 billion, of which DBK will finance KZT 7 billion, or 70% of the total. Construction works are underway in Medeu district on Makatayev Street. In line with the project plan, the hotel with a capacity of 156 rooms will provide high-quality services and comfort in accordance with the international standards of the Radisson brand, one of the world’s leaders in the hospitality industry.
The major share of investments will be directed towards construction and installation works as well as equipping the facility with modern hotel infrastructure.
The project will create about 500 temporary jobs during the construction stage and 50 permanent jobs upon commissioning of the hotel.
The initiative is expected to contribute to strengthening the tourism potential of Almaty, modernization of urban infrastructure, and stimulation of regional economic development. The launch of the new hotel will reinforce the city’s image as an international tourism hub.
