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.