Investment Projects

Construction of the ski resort Turgen - 37

  • Indicator Results
  • Investment amount, thousand US dollars 98133
  • NPV of the Project thousand, US dollars 19 869
  • IRR, % 13,6%
  • EBITDA yield, %
  • Payback period, years 8,8
  • Discounted payback period, years - -


  • The number fund of the hotel is 70 rooms.
  • Other services - ski school, equipment rental, Alpine Coster Rides, etc.

This investment project (hereinafter referred to as the “Project”) plans to build a ski resort in the Turgen Gorge of the Almaty Region. The land plot of 310 hectares, where the Project is planned to be implemented, is located 70 km from Almaty. The expected length of ski slopes of various levels is 37.5 km with a capacity of up to 5,000 people per day. The project provides for the installation and construction of 3 cableways, the installation of 5 lifts, the construction of a hotel with 70 rooms. In addition, a restaurant and 4 cafes, a first-aid post, shops, a ski school and attractions will operate on the territory of the ski resort.


  • For the period 2016-2019 the number of domestic tourists in the Republic of Kazakhstan increased with an average annual growth rate of 12.7%. In 2020, the number of domestic tourists exceeded the number of outbound tourists by 2 times. In the period 2016-2019 the number of inbound tourists has grown steadily and the average annual growth for the specified period was 9.4%. Moreover, the number of countries whose citizens can come to Kazakhstan without a visa is growing every year.
  • In 2020, Kazakhstani spending on domestic and outbound tourism amounted to about 397 billion tenge, of which about 291 billion tenge (73% of total spending) were spent within the Republic of Kazakhstan.
What is the attraction of the project?
  • Year-round offer. The unique mountainous terrain makes the location attractive for a year-round offer, including hotel accommodation, sports, ecotourism, mountain attractions and other types of recreation (snowmobile tour, outdoor pool, horseback riding, Saki baths and SPA).
  • Unique location. Kazakhstan is located in geographical proximity to countries with a high level of international tourism, which makes it possible to increase the level of inbound tourism from these countries. The location is within a 1-2-hour car accessibility from the largest city in the country - Almaty. After commissioning, the Initiator will become the only provider of tourist services in the middle price segment in the unique mountainous area of ​​the Turgen Gorge.
Investment proposal

The Project requires funding in the amount of USD 98,133 thousand, including:
  • 70% (USD 68,393 thousand) - debt financing (subject to collateral);
  • from 30% (USD 29,440 thousand) - investor participation.
The proposed financing structure and state support measures are indicative, the final financing structure and the stake in the Project will be determined based on the results of joint negotiations with the investor.

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