Uzbekistan’s Cabinet of Ministers has officially approved the development of the Sea Breeze Uzbekistan resort, a major tourism project to be built on the shores of the Charvak Reservoir in the Tashkent region. The project, led by Agalarov Development, is now valued at $5 bn, significantly lower than the previously estimated $7–10 bn. Details of the resolution have been published on the government’s legal portal Lex.uz.
Spanning over 570 hectares, the resort area has been allocated to the developer on a 25-year lease. With a reduced rental coefficient applied, the company will pay 17 bn UZS ($1.3 mln) over...