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Monday, March 27, 2017

Azerbaijan to complete first phase of Khazar Islands by May

The first phase of construction in the Khazar Islands project, a $100 billion project to build an artificial archipelago in Azerbaijan, will be completed in May.

The project will see the opening of a number of facilities, including beaches, restaurants, bridges and roads, on May 28. Khazar Islands will consist of 50 islands of different sizes with a total area of 11,500 square miles and 19 residential districts, the Azerbaijan State Telegraph Agency reports.

The Azerbaijan Tower, the tallest building in the world at 3,000 feet, will be built on the islands as part of the second phase of the project.

The completed Khazar city will include more than 150 schools, numerous hospitals and clusters of parks, shops, and cultural centers. An airport that will provide international access to the area is under construction.

The islands will possess high-rise buildings and resort-like accommodations. They were designed to withstand up to a 9.0 magnitude earthquake.

The Avesta Group funded work on the project. The company hopes to reach annual profitability margins of 10-15 percent on investments, the Azerbaijan State Telegraph Agency reports.