Monday, July 30, 2007
Russia's Donald Trump
If you do not live in Moscow, the name, Araz Agalarov (age 51), may not be familiar to you, but you will hear it more often very soon. Mr. Agalarov, a native of Baku, Azerbaijan, is a Moscow-based real estate developer and one of the hundred richest men in Russia. Agalarov has built a number of projects which, despite some initial skepticism about their financial viability, have all gone on to exceed expectations. Agalarov's first major project in Moscow was a super high-end shopping mall called Crocus City Mall. Completed in 2002, many thought the idea of putting an elite mall along the outer ring road around Moscow was ill advised. Would wealthy Muscovites fight traffic to drive to a shopping mall to buy their Prada, Armani, Gucci? Mr. Agalarov thought so and it turns out he was correct.