The Caucasus Development Institute presented an innovative project to the Russian Ministry of Economic Development: the introduction of advanced generative artificial intelligence technologies into the Investment Map of Russia. The new initiative aims to improve the efficiency of interaction between investors and the country's regions, accelerate decision-making processes, and improve the investment climate.

The use of generative artificial intelligence will significantly reduce the time investors spend on selecting a suitable location for their projects, accelerate key decision-making, and increase the region's attractiveness for new capital investments.

The implementation of the project could become a key centralized tool for supporting investment initiatives and will create new opportunities for economic growth in the regions.

Earlier, Andrey Tsemakhovich, First Deputy Director General of Kavkaz.RF, announced plans to introduce artificial intelligence technologies into the Russian investment map at the Caucasus Investment Forum.

According to Andrei Tsemakhovich, the main goal of the innovation is to create a convenient tool for potential investors. The current version of the investment map includes a huge array of data covering over 16,000 objects of various purposes, ranging from land plots to infrastructure facilities. This data is difficult to process manually, so the development institute decided to use generative artificial intelligence technologies to optimize the processes of site selection and assessment of the feasibility of specific projects.

The advantages of this system are that investors get a complete picture of the region, including potential benefits and possible risks, and can compare regions by selecting suitable objects for investment. The map provides instant answers and personalized recommendations.

The investment map was developed by the Ministry of Economic Development of the Russian Federation in conjunction with the Moscow City Government. It allows investors to assess the business environment of a future project: sales markets, preferential regimes, and the availability of infrastructure.

Kavkaz.RF, under the control of the Ministry of Economic Development of Russia, builds and develops resorts, manages tourist and recreational SEZs, and creates a favorable investment climate. In the Government of the Russian Federation, the North Caucasus Federal District is supervised by Deputy Prime Minister Alexander Novak.

More than 255,000 people vacationed at resorts managed by Kavkaz.RF over the summer.

For the Ossetian resort Mamison, this was its debut summer season. The resort welcomed 19,000 visitors. At the legendary Elbrus, nature interfered with plans—due to a mudslide in Tyrnyauz and a blocked road, not everyone who wanted to visit the legendary mountain was able to do so, but nevertheless, the tourist flow for the three summer months exceeded 230,000 people. Currently, the cable cars at both resorts are undergoing scheduled maintenance: Elbrus from September 3 to 24, and Mamison from September 15 to November 1. Scheduled maintenance helps to prepare for the winter season.

"This year, Elbrus saw the latest end to the skiing season in history, lasting 224 days: from November 25 to July 6. During the climbing season, we welcomed more than ten thousand climbers. The number of schoolchildren in organized groups increased 2.6 times. This summer, thousands of children from all over the country visited the highest mountain peak in Russia and Europe," says Andrey Yumshanov, CEO of Kavkaz.RF.

By the summer of 2025, two new routes will be open on Elbrus, which Kavkaz.RF opened for the 80th anniversary of Victory Day: the Victory Trail and the 105th Picket. For trekking enthusiasts, the resort has introduced one-day and multi-day rates.

Mamison, maintaining its image as the most creative, presented the results of a large trail-building festival: new viewing platforms, stylish art objects, meditation areas, and hammocks for contemplation. The relief of the slopes was complemented by a modern tent camp, where you can seclude yourself and experience the best sunrise of your life in nature.

The program of events was experimental and intense. At Mamison, the first art festival combined folk and ambient music, crafts and art, gastronomy, and light shows. At Elbrus, at an altitude of 3,500 meters, a symphony orchestra played at sunset, and together with 4,000 volunteers, it was possible to clean up trash at the Clean Mountain festival.

"We are constantly searching for interesting ways for our resort guests to spend their free time. We are now actively preparing for the winter season, which will also have a packed program: from the opening of evening skiing on Elbrus to the launch of all 19 km of the widest slopes on Mamison. The best solution right now is to buy a discounted season ski pass for one of our resorts, or better yet, for both. We have also recently started selling “7 days in season” and “10 days in season” passes, which allow you to lock in the cost of tickets for the period you need. Special purchase conditions will be valid until the end of September," notes Deputy General Director Rustam Tapaev.

A new type of vacation—organized eco-trail tours—was introduced in the summer of 2025 at the Veduchi resort. Accompanied by experienced guides and a photographer, guests could walk along picturesque routes with views of the Daneduk ridge. Major construction work is continuing at Veduchi, with a cable car connecting the two slopes being built. A large hotel managed by the Cosmos group is scheduled to open in the fall.

The preferential business financing program from Kavkaz.RF and Sberbank has proven its effectiveness.

Under the program to fund small and medium-sized businesses in the North Caucasus Federal District, 200 loan agreements have been signed for a total amount of 7.5 billion rubles. Of this amount, 1.5 billion rubles has been funded by Kavkaz.RF. The total cost of projects implemented with the support of the program has exceeded 18.4 billion rubles.

"Despite the previously high key rate, the financing limit for this program, which started in December 2022, has been almost completely exhausted. Under the agreement, Sber received funding from Kavkaz.RF in the amount of 1.5 billion rubles to issue investment and working capital loans to SMEs in the North Caucasus Federal District. The total amount of lending provided for in the agreement is 8 billion rubles," said Andrey Tsemakhovich, first deputy general director of Kavkaz.RF.

" Our unique program, developed jointly with Kavkaz.RF, has proven its effectiveness. It has already helped launch or dynamically develop 200 small and medium-sized business projects. We at Sberbank South-West have provided preferential loans totaling 7.5 billion rubles. Initially, the program included only companies operating in the republics of the Caucasus. In 2024, we expanded access to it to businesses in Stavropol: many entrepreneurs in the region have long been working or are ready to enter neighboring regions of the Caucasus with breakthrough investment projects. Seventeen business projects in Stavropol took advantage of this opportunity. Our preferential lending program has become a significant driver of growth for the entire investment potential of the Caucasus, as business support has a multiplier effect on the growth of dozens of industries and sectors, increases the attractiveness of the territories for investors, and helps improve the quality of life for millions of people," commented Anatoly Pesenikov, Chairman of Sberbank's South-West Bank.

Entrepreneurs from all seven constituent entities of the North Caucasus Federal District took advantage of the preferential financing opportunity. The most active were North Ossetia (66 preferential loans), Kabardino-Balkaria (44 preferential loans), and Dagestan (43 preferential loans). At the same time, the largest projects (with a total value of over 7 billion rubles) involving the funding program are being implemented in Ingushetia. The lending sectors under this program are key areas for unlocking the economic potential of the macroregion: agriculture, tourism, construction, manufacturing, and services.

“The reduction in the key rate of the Central Bank of the Russian Federation in July 2025 directly influenced the reduction in interest rates on loans issued under the funding program. This makes this instrument even more accessible and profitable for entrepreneurs in the North Caucasus Federal District, opening up new opportunities for business development in the region,” notes Andrey Tsemakhovich.

14,000 specialists will be needed by 2029 to develop resorts under the management of Kavkaz.RF.

An analysis of the development of human resources in the North Caucasus Federal District was presented by the Association of Employers of the North Caucasus Federal District in the field of tourism. The shortage of personnel among residents of the SEZs managed by Kavkaz.RF alone will exceed 14,000 specialists by 2029.

Today, there are three clusters operating in the tourism sector in the North Caucasus Federal District: in the Republic of North Ossetia-Alania, the Republic of Dagestan, and the Karachay-Cherkess Republic. The leaders in terms of human resources needs in the region are the Stavropol Krai (5,800), the Republic of Dagestan (3,800), and the Chechen Republic (1,400). According to the study, in order to reduce the personnel shortage, it is necessary to create tourism clusters in all regions with professional training programs. Cooks, maids, waiters, and tour guides are the most sought-after professions in the tourism and hospitality industry in the North Caucasus Federal District today.

The ski resorts of Mamison, Dombai, Arkhyz, Elbrus, and the Caspian Coastal Cluster are the foundation of the North Caucasus Federal District's tourism potential, the report says.

Meetings between representatives of the Association and regional administrations, universities and vocational schools, and employers in the tourism sector of the North Caucasus Federal District have already been held in North Ossetia-Alania, the Republic of Dagestan, and the Chechen Republic. As a result, the Association's membership has grown, with residents of the SEZ under the management of Kavkaz.RF joining: Mamison Valley, Irbis, Alpaca, Veduchi, and Mamison limited liability companies.

To reduce the labor shortage in the region, the Association of Employers of the North Caucasus Federal District in the field of tourism was established in 2025. It brings together employers and entrepreneurs from the North Caucasus Federal District. The founders are Kavkaz.RF and the North Ossetian State Trade and Economic College. Valery Abiev headed the project.

The association will develop and implement uniform standards for training qualified personnel and working conditions, integrate multi-stage “seamless” educational programs, and create databases of qualified personnel in the North Caucasus Federal District, which will help combat the shortage of personnel in the region. Leading tourism companies, educational institutions, government agencies, and public organizations at both the regional and federal levels are being invited to participate in the collaboration.

Caucasus.RF is ready to share its experience in attracting investment and creating SEZs with South Ossetia.

The First International Investment Forum “South Ossetia. Investment Horizons” is being held in Tskhinval from September 18 to 20, with the participation of the Caucasus.RF development institute. The forum is dedicated to the 35th anniversary of the republic's formation and, according to the organizers, will mark the transition from the recovery phase to the development of South Ossetia's economy.

The forum began with a youth agenda. On the second day, participants discussed the republic's growth points and the development of the banking system. One of the key events was the session “Eurasian Bridge: Investments and Technologies for the Future of the Caucasus,” at which Andrey Tsemakhovich, First Deputy Director General of Caucasus.RF, spoke. The government of South Ossetia, representatives of the Ministry of Economic Development of the Russian Federation, experts from VEB.RF, Bank of Alania, and the Eurasian Integration Fund discussed the investment attractiveness of the republic and the banking system of the Republic of South Ossetia, as well as the economic potential of the region, including in the field of tourism.

Andrey Tsemakhovich emphasized that the creation of a zone with a special regime on the territory of the republic could become a “driver” for economic development.

Kavkaz.RF has gained extensive experience in attracting financing to the North Caucasus Federal District, implementing breakthrough projects, and building relationships with banks. This has resulted in residents committing to invest 200 billion rubles by 2030, as well as more than one trillion rubles in fixed capital. We are ready to scale up our mechanisms for working with investors and banks and share our experience with other regions, especially those with similar growth factors and infrastructure constraints," notes Andrey Tsemakhovich.

The results of the development of the Elbrus, Mamison, and Veduchi are evidenced by the figures and their growing popularity—the volume of tourist traffic to resorts managed by Kavkaz.RF increases by 15-20% annually, and in 2024, the resorts collectively welcomed more than 2 million tourists.

"We see significant potential in the Republic of South Ossetia for the development of the agro-industrial complex, the construction of greenhouse complexes, the cultivation of apples, grapes, and nuts, the construction of trout farms, as well as facilities for processing agricultural products, the creation of centers for processing and preserving vegetables, bottling mineral water, and the creation of an industrial park for the production of building materials can be considered. All these areas are promising and will be in high demand among potential investors," says Andrei Tsemakhovich.

The Development Institute works closely with Sberbank—some of the funds were transferred in the form of funding, thanks to which SMEs have the opportunity to obtain low-interest loans through the bank. Work is underway with Rosselkhozbank on co-financing individual projects and providing loans through the ZPIF.

South Ossetia could become one of the most promising regions for investment inflows and a platform for implementing diverse projects in the fields of mineral resource exploration and extraction, agriculture, and tourism development.

The forum will continue tomorrow. Russian Minister of Economic Development Maxim Reshetnikov is expected to participate in the plenary session dedicated to socio-economic development until 2030.

Andrey Yumshanov met with Yury Chaika, the President's Plenipotentiary Representative in the North Caucasus Federal District.

Yury Chaika, the Plenipotentiary Representative of the President of the Russian Federation in the North Caucasus Federal District, held a working meeting with Andrey Yumshanov, Director General of the Caucasus.RF Development Institute. The main topic of conversation was preparations for the new winter season at resorts in the North Caucasus.

As announced, the first skiers of the new winter season are expected to arrive at the company's resorts in November. Today, after annual maintenance work, the cable cars on Mount Elbrus opened to tourists. The installation of artificial snowmaking systems is also being completed here, and evening skiing under artificial lighting will be available by the start of the season.

This winter season will be the debut for the Ossetian resort Mamison. It is expected that another 100 accommodation places will be added to the existing 100 at the resort. All 19 km of trails will be open. The estimated tourist flow is at least 30,000 people.

Overall, the number of guests at resorts in the North Caucasus is forecast to grow by 10-15%.

In addition, Andrey Yumshanov announced new projects for Kavkaz.RF. The development institute's investment portfolio has reached 200 billion rubles. In addition to traditional agriculture and construction, it now includes high-tech processing and creative industries.

The government will allocate 12.6 billion rubles to develop ski infrastructure.

12.6 billion rubles will be allocated to develop the Elbrus and Veduchi ski resorts managed by Kavkaz.RF and launch the new Mamison resort in 2026-2028 . This was announced by Maxim Reshetnikov, speaking at a meeting of the State Duma Committee on Budget and Taxes on the state program “Development of the North Caucasus Federal District.”

Fifteen infrastructure facilities will be built with the budget investments announced by the Minister of Economic Development of the Russian Federation for 2026-2028 . In particular, construction of a new skiing area in the eastern sector is beginning on Elbrus, a service center will be built on Polyana Azau, and the Priyut Odinadtsati mountaineering hotel will be built. A large-scale VL1 cable car is being built at the all-season resort of Veduchi, which will connect two peaks above the Argun Gorge, and a garage for snowcats will be built to ensure the high quality of the ski slopes. The all-season resort of Mamison is expanding with new slopes and an artificial snowmaking system.

The implementation of these projects will ensure the full functioning of the Elbrus and Veduchi resorts, as well as the launch of the new Mamison resort. This will help increase the tourist flow to resorts managed by Kavkaz.RF to 3 million people.

Kavkaz.RF is a unified development institution for the North Caucasus. Under the management of the Russian Ministry of Economic Development, the company builds and develops resorts, manages special economic zones for tourism and recreation, creates conditions for business development in the region, and fosters a favorable investment climate. In the Russian government, the North Caucasus Federal District is overseen by Deputy Prime Minister Alexander Novak.

The expertise of Kavkaz.RF will be used to attract investment to South Ossetia.

A delegation from the Russian Ministry of Economic Development and Kavkaz.RF, led by Deputy Minister Sergey Nazarov, held a series of working meetings in Tskhinval. The parties discussed cooperation between Russia and South Ossetia in the field of investment both in offices and directly on site. The focus was on projects that are already being implemented and those that are promising: reviewing, evaluating, and identifying those that will give the maximum impetus to the entire economy of the region.

In 2026, South Ossetia will begin a new three-year economic cycle, which will be launched with the help of a state program for socio-economic development, part of which is a program to attract investment.

"We have reached a mutual understanding on the objects of the investment program and are aimed at actively attracting business and expanding the economic opportunities of the republic itself. It is important that this work has a tangible effect, contributing to the sustainable development of South Ossetia," notes Sergey Nazarov.

During the visit, the delegation members inspected several investment sites: a wood processing enterprise and the Ir-Basalt natural stone extraction and processing plant. Earlier, the Caucasus.RF delegation visited the site of the planned tourist and recreational SEZ, apple orchards, and inspected sites for the construction of trout farms.

The meeting with business representatives also discussed practices developed in Russia. In particular, Aydin Shirinov, chairman of the Association of Nurserymen and Gardeners of the Stavropol Territory, presented a project on growing apples for personal subsidiary farms.

Caucasus.RF and South Ossetia are negotiating the creation of an agro-industrial cluster in the republic, which will contribute to the development of agriculture, open up new markets, and provide additional income for private farms, which will be able to unite into cooperatives. Experts previously took soil samples, and soil analysis showed that the soil is suitable for fruit growing, and there is every prospect for growing apple orchards in South Ossetia.

"The climate here is unique, as is the geographical location. South Ossetia has everything it needs to grow not only apples, but also the fruits that the market of the Republic and the Russian market need. It is possible to implement both small projects, for private farms, and large ones, such as planting 200-300 hectares. The land, water, and people here make it all possible," said Aydin Shirinov.

During the visit, the delegation members inspected the sites designated for the implementation of the Alania-Les investment project. This wood processing enterprise is one of the first in the field of deep wood processing. The project involves the creation of infrastructure for processing and manufacturing competitive products, in particular modern beech furniture.

The director of the enterprise, Alexander Bosikov, noted that a woodworking shop with a capacity of up to 20,000 cubic meters of products per year is planned to be launched in the near future.

"A working group will be created at our development institute, where we will work with the initiators to package investment projects and seek both private and public funding. The company has the necessary expertise—we have been working on attracting investment to the North Caucasus Federal District for more than three years," said Andrey Yumshanov, CEO of Kavkaz.RF, following the visit.

Over the past three years, Kavkaz.RF has formed a portfolio of 220 investment projects with a total value of 48 billion rubles.

The government will expand its support for the development of tourism infrastructure in the North Caucasus.

This was announced by Russian Prime Minister Mikhail Mishustin at a government meeting. The North Caucasus is one of the most popular destinations for tourism. On the instructions of the President, work is underway to attract businesses to implement projects to create all-season recreation centers and ski resorts there.

"This will help to develop the region more actively, make it more attractive to investors, create dozens of kilometers of new trails, and increase the capacity of hotels, cafes, and restaurants. We must make the most of the unique advantages of the entire North Caucasus—its climate and nature—to create comfortable conditions for a variety of leisure activities. This will attract travelers not only from our country, but also from abroad," said Russian Prime Minister Mikhail Mishustin.

The government has approved the terms of a concession for the creation of tourist infrastructure in the North Caucasus, under which trails, cable cars, and other ski facilities will be built and used, and specialized equipment will be purchased.

One of the main tasks of the state is to attract private investment to the region and make it attractive for investment. Already today, the volume of declared investments in the tourist SEZs of the North Caucasus has exceeded 200 billion rubles. Kavkaz.RF's own portfolio consists of 220 investment projects with a total value of 48 billion rubles. But we are constantly looking for new mechanisms to attract funds. One of them is concessions. This will accelerate the development of the macroregion and allow each of the SEZs to strive for a million tourist arrivals and year-round occupancy," says Andrey Yumshanov, CEO of Kavkaz.RF.

The budget allocates 4 billion rubles for these purposes in 2025 and over 8 billion rubles in 2026-2027 .

Kavkaz.RF is a single development institution for the North Caucasus. Under the management of the Ministry of Economic Development of the Russian Federation, the company builds and develops resorts, manages tourist and recreational special economic zones, creates conditions for business development in the region, and fosters a favorable investment climate. In the Russian Federation Government, the North Caucasus Federal District is overseen by Deputy Prime Minister Alexander Novak.

Caucasus.RF integrates the experience of Moscow and Dubai in improving labor productivity.

Caucasus.RF's new area of activity, dedicated to human resources, competencies, and labor productivity, is being actively integrated into the federal agenda in this area. At the invitation of the Moscow Government's Department of Economic Policy and Development, experts from the development institute took part in a business mission for hoteliers in Dubai, UAE. Given the importance of such events for borrowing best international practices, Caucasus.RF plans to organize similar missions for Caucasian hoteliers in the future.

"We are actively taking the best practices from the market. For example, the Moscow Government has been working on labor productivity since 2022. They managed to increase productivity by 1.5 times in pilot projects and reduce the duration of business processes by a third. The total effect for 439 companies exceeded 14 billion rubles. It is important that our colleagues pay special attention to SMEs, which make up two-thirds of the project participants. Of course, it is foolish to ‘reinvent the wheel’ when you can establish cooperation, travel, and learn," says Timur Kebekov, curator of the new direction and deputy general director of Kavkaz.RF.

Technologies for increasing labor productivity are often inaccessible to small and medium-sized businesses. That is why, according to statistics from the Moscow City Hall, labor productivity in the SME sector is a quarter lower than the average for the economy. For the same reason, Kavkaz.RF, represented by the Industry Competence Center in the field of tourism, pays special attention to this segment of the tourism business.

One of the tasks is to expand the tools as much as possible and make them available to Caucasian businesses, including residents of SEZs under the management of Kavkaz.RF. To this end, the Competence Center plans to develop off-the-shelf solutions for optimizing operational processes and services, helps to introduce lean technologies in enterprises and hotels, and constantly improves its own insight and expertise.

As part of the business mission in Dubai, participants were able to learn the basics of hotel service quality management, as well as technologies for creating premium services.

"Premium service has long since abandoned scripts—it is impossible to show true care and hospitality on paper. The most important thing in successful hotel systems is to anticipate customer wishes and create a feeling of a second home so that people come back. And although robots are widely used in cleaning large hotels and the check-in process is automated, full automation in the premium segment is not expected. People need people," says Ruslan Tlepshev, a participant in the business mission.

Interestingly, during the trip, Russian hoteliers and productivity experts were able to study internal hotel administration—messaging apps, document approvals, and resource consumption accounting systems, including carbon emissions monitoring and energy efficiency improvements.

The Dubai team paid special attention to developing concierge services. In the UAE, this isn't just a reception desk, but an entire ecosystem that includes future professions such as "trip designer"—a seamless journey for tourists between attractions, activities, and unique experiences. AI is being actively integrated into travel design to eliminate language barriers and accommodate all guest interests.

The foundation of the success of each hotel that hosted the business mission participants is their staff. The utmost attention is paid to their work. Firstly, career advancement is rapid and transparent within the system. Mentoring tools, cross-training between departments, weekly team briefings, and a monthly meeting with the general manager are actively utilized.

The knowledge and contacts gained will be actively integrated into the work of both the Competence Center and the Association for the Development of Human Resources of the North Caucasus Federal District, created by Kavkaz.RF to address personnel issues in the tourism industry. Continued collaboration is planned with the Autonomous Non-Profit Organization (ANPO) Mosstrategiya, which is implementing a federal project on labor productivity in the capital, tourism, and hospitality.

Elbrus and Mamison won the national "Mountains of Russia - 2025" award.

Resorts managed by Kavkaz.RF were recognized among the country's best ski resorts. Ossetian Mamison received the special "Discovery of the Year" prize for its most notable launch. The legendary Elbrus in Kabardino-Balkaria once again topped the ranking of resorts in the North Caucasus Federal District, handing over its title of "Best Ski Resort in Russia" to Arkhyz, built by Kavkaz.RF in Karachay-Cherkessia.

Kavkaz.RF CEO Andrey Yumshanov personally presented the "Best Ski Resort in Russia" trophy to Arkhyz CEO Roman Kiranchuk.

"The awards our resorts have received are the choice of our guests, and therefore confirmation that we are moving in the right direction. The public recognition for the opening of Mamison is especially valuable." "Elbrus is already a well-established resort, known to millions of tourists from all over the world. Arkhyz has also become a true star, and Mamison is just taking its first steps, so guest support is especially important to us. The resort's first full season is ahead, during which we expect to impress with the quality of its 19 kilometers of slopes. We plan to open them in early December," noted Andrey Yumshanov.

The ski season at Elbrus already began on November 1st—the first in the country. From December 4th to 7th, the resort will open its first all-Russian ski season, thus establishing a new tradition: the holder of the title "Best Ski Resort in the Country" brings together all the leading representatives of the Russian ski industry and all the winners of the "Mountains of Russia" award.

The winners of the 2025 award were traditionally chosen by online voting on the official website. Nearly 400,000 Russians voted for their favorite resorts and hotels in 24 categories, including 8 federal and 16 regional. The total number of votes exceeded 382,000. The North Caucasus region was among the top three in terms of voting activity.

"Mountains of Russia" is the first national award in the field of ski tourism. In 2025, it was held for the fourth consecutive year with the support of the Ministry of Economic Development of the Russian Federation. Its goal is to stimulate the growth of the ski industry and draw attention to the opportunities for recreation in Russia's mountains.

Kavkaz.RF awarded Nicole Kovalchuk a year's pass to stay at the Elbrus mountaineering hut.

The climber became the second Russian woman to climb all 14 eight-thousanders, following Elbrus ambassador Alina Pekova. The award ceremony took place during the Russian Mountaineering Federation's gala evening in Moscow. Deputy General Director Rustam Tapayev presented the award, along with a giant photo taken from the window of the Liprus mountaineering hut at an altitude of 3,912 meters.

"We read in your interviews that you dream of involving your entire large family in climbing. I'm sure the country's highest resort is the best place for this. I know that you climbed Elbrus in 2022 as part of the Seven Summits program and spoke very warmly of our resort. This annual pass for accommodation at the Liprus mountain hut is an invitation to experience the great mountains not only as a grand goal, but also as an inspiring pastime surrounded by your loved ones. We'll be waiting for you!" Rustam Tapayev addressed the climber.

Nicole Kovalchuk is the wife of Olympic hockey champion Ilya Kovalchuk, a mother of four, a singer, and a blogger. In May of this year, she completed the "Seven Summits" program, which includes the highest peaks on seven continents.

Denis Urubko became the first CIS member to join the "14 Summits Club." Urubko is a professional mountaineer and winner of prestigious awards. It took him nine years to conquer all eight-thousanders.

In 2024, the first Russian representative, Alina Pekova, a native of Kabardino-Balkaria, joined the "Club 14" list. The ambassador of the Elbrus resort began mountaineering in 2017 at her home resort and climbed all eight-thousanders in less than two years. In 2025, Nicole Kovalchuk also joined the list.

It took 16 years for Italian Reinhold Messner, the discoverer of the "Club 14," to achieve his achievement. In general, just a couple of decades ago, professionals needed between eight and fifteen years to achieve this. Many renowned athletes have never been able to climb all the mountains on the list.

Andrey Yumshanov presented the company's annual performance results to the Federation Council.

A roundtable discussion on the implementation of Kavkaz.RF's economic and infrastructure projects was held in Moscow, organized by the Federation Council Committee on Economic Policy. Senators were interested in the development institute's investment projects, their legislative support, as well as the synchronization of legislative initiatives, infrastructure development, and the substitution of foreign equipment and technology.

The key event of 2025 for Kavkaz.RF was the launch of the Mamison mountain resort in North Ossetia. This is the country's first major ski resort built from scratch after the imposition of sanctions on the supply of European equipment and technology. Since its opening, Mamison has been positioned as an art resort that unleashes the creative potential of its guests. Since March, it has welcomed over 40,000 people and is now preparing for its first full ski season.

Another major event was the start of construction on a seaside resort, tentatively titled the Caspian Coastal Cluster, in Dagestan. This is a site of the presidential project "Five Seas and Lake Baikal," where the service center—the resort's core—and resident facilities are already under construction. A long-awaited new ski area opened at Elbrus last week, and commissioning of the resort's main facilities is nearing completion at Veduchi in Chechnya. In total, the company built 12 facilities this year, including four cable cars.

"Any hardware, even the highest quality and most modern, is worth nothing without qualified and dedicated people. Therefore, I consider achieving the status of an all-Russian competence center (OCC) in tourism this year, as well as the creation of the Association for the Development of Human Resources in the Tourism Industry of the North Caucasus Federal District, to be an important milestone in the company's history. Coupled with work on analyzing labor productivity and the factors influencing it, this is probably one of the main areas of development today. It's tedious, difficult, and time-consuming, but without a system, there will be no large-scale changes in the industry as a whole," notes Andrey Yumshanov, CEO of Kavkaz.RF.

Kavkaz.RF's investment policy has also undergone significant changes. The new document sets stricter and clearer priorities for state support, focusing on breakthrough regional projects and projects by residents of territories with preferential treatment, not only in SEZs but also in priority development areas and industrial parks in the North Caucasus. The company's investment portfolio has grown to 53.8 billion rubles. This represents an increase of 40.8 billion rubles compared to 2021, when Kavkaz.RF was established on the basis of the North Caucasus Development Corporation and North Caucasus Resorts. This was made possible by the active participation of leading banks and the concentration of state support mechanisms. A total of 236 projects across all regions of the North Caucasus Federal District have been supported.

Investments from SEZ residents are also growing. To date, businesses have invested 27.9 billion rubles in resorts managed by Kavkaz.RF, including 13 billion in Arkhyz, 6.5 billion in Veduchi, 5.3 billion in Mamison, and 2.6 billion in Elbrus. Declared investments by 2030 amount to over 210 billion rubles, several times higher than government investments.

"Kavkaz.RF is a driver of regional development. The company's portfolio includes many interesting, strong projects, such as the Great Caucasus Trail. It will certainly become world-famous, but significant efforts are still needed to achieve this, both legislatively and physically," notes Dmitry Vorona, Deputy Chairman of the Federation Council Committee on Economic Policy.

The previous meeting between the leadership of the Russian Ministry of Economic Development and Kavkaz.RF at the Federation Council Committee on Economic Policy took place at the end of April. The Caspian Coastal Cluster project, construction of which began last summer, was discussed in detail.

Kavkaz.RF is ready to scale up its experience in increasing labor productivity in the North Caucasus Federal District's tourism industry.

The Development Institute has summarized the results of a pilot program to reboot labor productivity in the tourism sector in the North Caucasus. As part of the program, in 2025, Kavkaz.RF's Department of Industry Competencies in Tourism helped implement lean manufacturing tools in 13 organizations – hotels, resorts, and travel agencies in each region of the North Caucasus Federal District.

The transformation was based on lean manufacturing philosophy and tools adapted to the service industry. The company's specialists focused on the most sensitive customer touchpoints: check-in, room cleaning, and digital interaction. As a result of streamlining work processes, check-in time was reduced by up to 70% through the implementation of online registration and a document processing system. Housekeeping routes and inventory logistics were optimized for room cleaning, ensuring that rooms are ready on time. The creation of digital templates for tour operators has reduced the cycle of redundant approvals and the time it takes to launch new offerings, minimizing errors.

"We've moved from theory to practice. Lean tools have proven their effectiveness in specific projects. This is an important step in building a modern and competitive hospitality industry in the North Caucasus. Moreover, we plan to scale up best practices across the industry as a whole. This work is intended to increase productivity, improve service quality, and, consequently, increase tourist flow," commented Timur Kebekov, Deputy General Director of Kavkaz.RF.

A key focus of the program was the transfer of competencies. During practical workshops, participants strengthened their skills in independently identifying production waste, analyzing work processes, and implementing lean solutions. As a result, the pilot organizations have developed a core team of specialists who are proficient in the methodology, operational chaos has been reduced, and skills in workplace organization, the creation of clear algorithms, information stands, and visual management for operational quality control, along with other lean manufacturing tools, have become part of daily practice.

"In a context of growing competition and heightened guest expectations, the Russian tourism industry is in dire need of operational transformation. Our pilot project was a practical response to this challenge. Our goal was not simply to identify areas of inadequacy and improve them, but to teach them how to spot shortcomings, analyze them, and find solutions. Our goal is to lay the foundation for a culture of continuous improvement and provide the industry with specific tools for improving efficiency," noted Oksana Goncharova, project manager and chief expert at the DOK.

In 2026, as part of the federal project "Human Resources for Tourism," it is planned to implement 19 more projects to implement lean manufacturing at regional enterprises. The industry competence center will begin selecting applications early next year.

Kavkaz.RF is the unified development institute for the North Caucasus. Under the supervision of the Russian Ministry of Economic Development, the company builds and develops resorts, manages tourism and recreational special economic zones, creates conditions for business development in the region, and fosters a favorable investment climate. Deputy Prime Minister Alexander Novak oversees the North Caucasus Federal District in the Russian Government.

The industry competence center was established at Kavkaz.RF in 2024 in accordance with the roadmap approved by Russian Minister of Economic Development Maxim Reshetnikov as part of the implementation of the national projects "Labor Productivity" and "Tourism and Hospitality Industry." The center works in close coordination with the relevant departments of the Russian Ministry of Economic Development and directly supports the Federal Competence Center for Labor Productivity.

Engaging young people in the development of the North Caucasus is the primary goal of Kavkaz.RF and North Caucasus Federal University.

A meeting on staffing the tourism industry in the North Caucasus Federal District was held at the Pyatigorsk Institute of North Caucasus Federal University. Representatives of the Kavkaz.RF Development Institute, the Association for the Development of Human Resources in the Tourism Industry of the North Caucasus Federal District, and North Caucasus Federal University participated. Those present discussed the shortage of qualified specialists in the resort industry and the growing need for such personnel.

"The issue of staffing shortages, given the specifics of the region, can be resolved by combining the efforts of government, education, and business. The Human Resources Development Association we created aims to engage employers in developing targeted training so that universities and vocational schools understand the current shortage of specialists in the market. Only in this way can we fill the industry with competent workers of various levels," said Timur Kebekov, Deputy General Director of Kavkaz.RF.

The collaboration between Kavkaz.RF and NCFU is focused on engaging young people in the development of the macroregion and human resource development projects, primarily in the hospitality sector. Effective collaboration formats include student expeditions "Rediscovering Russia," case championships, and initiatives aimed at developing the tourism and investment potential of the North Caucasus.

"NCFU has developed a full-cycle tourism training program—from vocational training and secondary vocational education to higher education programs. We focus on practice-oriented training and synchronizing educational programs with real-life work in tourism industry companies," noted Tatyana Shebzukhova, Acting Rector of NCFU.

The Association regularly holds job fairs at educational institutions and companies and has already facilitated the signing of 140 targeted training agreements.

"We have a number of strategic agreements with regional executive authorities, we work with universities and colleges throughout the Caucasus, and we provide career guidance to high school graduates. We see the interest of all parties: businesses, education, government, and the students themselves. Our goal is to become the connecting link that will unite all efforts and help develop the region's human resources potential," added Fatima Dzutseva, Acting Head of the Association for the Development of Human Resources in the North Caucasus Federal District's Tourism Industry.

The launch of Mamison, the expansion of Elbrus, and 83 billion rubles in investments: Kavkaz.RF summarized the year's results.

The creation of new resorts, the modernization of existing ones, the attraction of investment in the macroregion, and the development of lean technologies and human capital—the development institute Kavkaz.RF concluded the reporting period with a series of new projects.

The launch of the Mamison resort in North Ossetia.

The opening of the Mamison ski resort in North Ossetia was a landmark project. For the first time, a tourist complex of this scale was built practically from scratch without the participation of European equipment and technology suppliers. This is the first ski resort with the prefix "art," where traditional active recreation coexists with creativity and contemporary art. In 2025, Mamison welcomed over 40,000 guests, and the resort is now preparing for the full ski season.

Construction of a seaside resort on the Caspian Sea has begun.

The Caspian Coastal Cluster in Dagestan is part of the presidential project "Five Seas and Lake Baikal" and is designed to create a modern, world-class seaside resort. Kavkaz.RF has begun construction of the service center—the resort's core—and resident facilities. Expansion of the Elbrus Ski Area: The legendary ski resort has gained a new ski area—an additional 5.2 kilometers of scenic trails and two new cable cars at an altitude of 3,500 meters. The resort has installed long-awaited evening piste lighting, and the second phase of construction of the artificial snowmaking system has been completed. There are also big plans for the coming year: construction has begun on a modern service center at Azau Glade, and next year, development of a new ski area will begin, significantly reducing congestion in the existing one.

Veduchi is preparing for launch.

The commissioning of the main construction projects at the Chechen resort is nearing completion. In 2025, two modern cable cars and a 2-kilometer ski run were built there. A major achievement was the launch of a major energy hub: the Veduchi 110 kV substation was commissioned and a double-circuit overhead power line was installed. Now, the entire Veduchi infrastructure will receive a stable, high-quality power supply. This primarily includes powering the giant 3S-type cableway over the gorge and all new infrastructure built on the northern slope—14 km of tracks and three cable cars.

Investment Projects.

Since its inception, Kavkaz.RF has attracted over 83 billion rubles in investment to the North Caucasus Federal District. This figure includes the company's investment portfolio as well as investments from residents of special economic zones. Thus, the total investment portfolio of Kavkaz.RF is approximately 55 billion rubles. This represents an increase of 42 billion rubles compared to 2021, when Kavkaz.RF was established on the basis of the North Caucasus Development Corporation and North Caucasus Resorts. 237 projects across all regions of the North Caucasus Federal District were supported. Investments from SEZ residents are also growing. To date, businesses have invested 27.9 billion rubles in resorts developed by Kavkaz.RF. Of this, Arkhyz attracted 13 billion, Veduchi 6.5 billion, Mamison 5.3 billion, and Elbrus 2.6 billion. Declared private investment by 2030 will exceed 210 billion rubles and will exceed public investment several times. Residents of the Caspian Coastal Cluster, Kavkaz.RF's first seaside resort, account for a significant share. The renovated Elbrus resort is also generating significant investor interest. Currently, there are 29 residents there, four of which are building large-scale complexes. One large hotel has already begun construction, two projects are under review by Glavgosexpertiza, and one is in preparation.

As Andrey Yumshanov, CEO of Kavkaz.RF, notes, an important new focus has been on training and professional development for tourism employees in the North Caucasus Federal District, as well as the implementation of lean technologies at tourism enterprises.

"In total, we built 12 complex mountain facilities in one year, including four cable cars. But modern technology and equipment are worthless without qualified and engaged specialists.

Therefore, I consider our company's achievement this year of receiving the status of an all-Russian competence center (OCC) in tourism, as well as the creation of the Association for the Development of Human Resources in the Tourism Industry of the North Caucasus Federal District, to be a significant achievement. Along with the implementation of labor productivity and serious analytical work, I consider the development of human capital as the main driver of economic development in the North Caucasus Federal District to be one of the key areas today," says Andrey Yumshanov.