The project to build artificial islands in the Caspian Sea - dubbed "Khazar Islands" - has passed state registration in Azerbaijan, the Tax Ministry of Azerbaijan said on Tuesday.
The founder, Avesta, registered the KHAZAR ?SLANDS company with the tax authorities on June 13.
Construction of Khazar Islands is planned to be carried out 23 kilometers south-west of the capital in the direction of Primorsk, on the sight distance from the coast. The most distant island will be seven kilometers from the coastal zone. The area covers 2,000 hectares o ("head" island, two parallel elongated lines of buildings, some islands pointedly located along them with high-rise buildings and individual islands for the villas). Facilities of the complex will be connected by bridges.
President of the Avesta concern Ibrahim Ibrahimov told reporters earlier that the U.S., Turkish, Arabic and Chinese investors show interest in a project which is scheduled for completion in 2020-2025.