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    Moscow mayor's billionaire wife eyes business project in Morocco

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    The Russian construction company Inteko, which is owned by the mayor of Moscow's wife, Elena Baturina, is planning to invest about 500 million euros ($794 mln) in construction projects in Moroccan holiday resorts, a Russian business daily said on Tuesday.

    MOSCOW, July 22 (RIA Novosti) - The Russian construction company Inteko, which is owned by the mayor of Moscow's wife, Elena Baturina, is planning to invest about 500 million euros ($794 mln) in construction projects in Moroccan holiday resorts, a Russian business daily said on Tuesday.

    Baturina, 45, is the second wife of Moscow Mayor Yury Luzhkov, and has amassed billions of dollars through Inteko, formed in 1991. Forbes magazine estimates her wealth at $4.2 billion.

    The Vedomosti newspaper cited an Inteko official as saying that the company's subsidiary, the Kudla Group, had acquired 46 hectares of land in the north of Morocco to build an apartment complex, a hotel, a sports and entertainment center, and a golf course.

    "The development project is called Golf Paradise Resort and envisions the construction of more than 1,000 apartments, 22 villas, a 160-room hotel and a golf club," Gennady Terebkov, director of Inteko's foreign PR department told Vedomosti.

    The cost of the construction is estimated at 230 million euros ($365 mln).

    Terebkov said that Inteko owns 1,500 hectares of land in Morocco, and is planning to invest a total of 500 million euro in five resort construction projects.

    "The company has already invested about 120 million euros ($190.2 mln)," he said, adding that the construction could take 4-7 years to complete.

    Inteko is currently developing a similar project in Russia. The company is planning to build about 134,000 sq. meters of apartments, a hotel, and a sports and entertainment facility at the Olympus 2014 center in the Russian Black Sea resort of Sochi, which will host the 2014 Winter Olympics.

    "The return on investment in Morocco is the same as in Russia," Terebkov said.

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