On October 14, 2022, a consortium with the participation of Gazprombank, UK STK Sheregesh and AZIMUT Hotels, on behalf of the joint company OOO IFR-Harp, signed a concession agreement with the Government of the Yamalo-Nenets Autonomous Region for the design, construction and operation of the Rai-Iz mountain tourist complex infrastructure in the Polar Urals.

The tender which resulted in the concession agreement was announced by the Government of the Yamalo-Nenets Autonomous Region in November of 2021.

Capital Legal Services provided legal support to OOO IFR-Harp, bidder and winner of the tender, from the date of the bid preparation to the date the concession agreement was signed.

This is the first comprehensive Russian investment project in the tourist area to be implemented as a concession. The total capital expenditures are estimated at 13.5 billion rubles. The complex is planned to open in 2026.

The project includes creation of a downhill skiing complex, hotels and a world class spa center surrounded by unique arctic nature, the Polar Urals mountains and authentic environment of indigenous peoples of the North.

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