Super Borovets project was launched as the first sod was turned on October 8, following a two-year delay due to controversies and strong opposition from environmentalists.

The ground-breaking ceremony was attended by top officials of the ruling three-party coalition: Prime Minister Sergei Stanishev for the Bulgarian Socilaist Party, Simeon Saxe-Coburg for the National Movement for Stability and Progress, and Deputy Foreign Minister Feim Chaushev for the Movement for Rights and Freedoms.

Oman’s sultan and prime minister Qaboos bin Said Al Said was also present at the event. Oman’s State General Reserve Fund is one of the main investors in the project on behalf of the main shareholder, the investment fund Equest.
Equest holds 67 per cent of the Rila-Samokov 2004 company that would develop the project. The rest of shares are divided between Samokov Municipality (25 per cent) and the construction company Glavbolgarstroy.

Rila-Samokov 2004 owns two million sq m of land in the Rila mountain area and plans to invest 500 million euro over the next few years in expanding one of Bulgaria’s most popular skiing resorts Borovets.

The first phase of the Super Borovets project, expected to be completed by the end of 2009 or in early 2010, should provide twice as much occupancy of the facilities in the currently existing resort. The second phase envisages construction of tourist facilities in the area enclosed by the Iskur River, Samokov and Borovets. Building of more facilities at an altitude of over 1400 m above see level is planned in the third phase of the concept.

Equest and its main sponsor from Oman were planning to also build an 80-km highway that would link Super Borovets with the capital Sofia, Georgi Kroumov, executive director of Equest, was quoted as saying by Sega daily newspaper on October 9. The new section would link the currently existing Trakia and Strouma highways and thus shorten the road to Greece and Macedonia for automobiles coming from Turkey and Eastern Bulgaria.

The 260-million-euro project for the highway, which is to be called Rila, will be implemented under a concession.

Sega quoted Regional development and Public Works Minister Assen Gagaouzov as saying that the tender procedure for Rila Highway would be called as soon as possible and the highway itself could be built and launched within two and a half years.