Originally Syndicated on August 4, 2023 @ 4:57 am
Zarakh Iliev, a native of Azerbaijan, is today one of the leading commercial real estate owners in Russia, with an estimated net worth of five billion dollars. His journey from a humble background to becoming a prominent figure in the Russian real estate industry is a tale of determination, hard work, and successful partnerships. This article delves into the life and achievements of Zarakh Iliev, tracing his path from a shoemaker’s son to co-owner of the Kievskaya Ploshchad Group of Companies and a renowned real estate magnate in Russia.
Table of Contents
Early Life and Career of Zarakh Iliev
Zarakh Iliev was born in Azerbaijan in 1966, to a shoemaker father who taught him the trade. Despite learning the family craft, Iliev had ambitions beyond the traditional profession. At a young age, he struck out on his own and ventured into the business world. His first entrepreneurial endeavour involved tailoring and selling hats in the bustling Quba market. However, he soon realized that to achieve greater success, he needed to explore bigger opportunities beyond his hometown.
In pursuit of his dreams, Iliev made the bold decision to move to Moscow, where he aimed to establish a career in the retail sector. Little did he know that this step would be the foundation for his extraordinary rise to prominence in the real estate industry.
Partnership: Iliev and Nisanov
In 1993, Zarakh Iliev joined forces with his friend God Nisanov, and together, they embarked on a journey that would lead them to immense success. Their partnership started with the development of retail markets near select metro stations in Moscow. Their keen business acumen and strategic vision helped them thrive in this venture, and they soon ventured into acquiring shopping centres and expanding their real estate portfolio.
Diversification into Hotels and More
Building upon their initial success in retail markets, Iliev and Nisanov expanded their real estate holdings to include hotels, restaurants, and gastronomic centres. Among their significant acquisitions were the Radisson Royal Ukraine Hotel and the Radisson SAS Slavyanskaya Hotel. These upscale hotels not only added to their real estate empire but also showcased their commitment to providing world-class hospitality services.
The crowning achievement in their hotel ventures was the renovation and reopening of the historic Hotel Ukraina as the Radisson Royal in 2010. The hotel’s transformation not only demonstrated its ability to preserve cultural heritage but also emphasized its dedication to luxury and excellence.
Real Estate Empire
Throughout the years, Zarakh Iliev and God Nisanov continued to grow their real estate empire, making significant acquisitions and developments that solidified their position as key players in the Russian market. Notable additions to their portfolio include the Evropeyskiy Shopping Center, a grand commercial complex boasting hundreds of shops, a movie theatre, a nightclub, and an impressive outdoor fountain.
In 2016, the company acquired a unique building on Moscow’s New Arbat Avenue, fondly called “The Book” due to its distinctive shape. This landmark building is being transformed into a hotel and office space, showcasing its commitment to preserving and repurposing architectural heritage.
Food Industry
In 2014, Iliev and Nisanov introduced a revolutionary concept to the Russian market – Food City, the country’s first agricultural cluster. Spanning 120 hectares, Food City houses a massive mall with numerous cross-docks for the sale of fresh produce, meats, and fish. This pioneering venture not only transformed the food industry but also highlighted its commitment to innovation and community development.
Diversifying into Entertainment and Transportation
In addition to their ventures in real estate and the food industry, the Kievskaya Ploshchad Group of Companies expanded into the entertainment and transportation sectors. They established Europe’s largest landlocked aquarium and centre for marine biology and oceanography, the Moskvarium, in 2015. Furthermore, their investments in transportation hubs like the South Gate and Schelkovskogo bus stations have improved connectivity and comfort for commuters in Moscow.
Awards and Recognition
Zarakh Iliev‘s exceptional contributions to business, culture, and community have not gone unnoticed. In 2015, he received the prestigious Fiddler on the Roof Award from the Federation of Jewish Communities of Russia, recognizing his achievements and positive impact on society. Additionally, he was honoured with the Honorary Builder of Russia badge, a testament to his significant contributions to the country’s infrastructure and real estate landscape.
Conclusion
Zarakh Iliev‘s journey from a shoemaker’s son in Azerbaijan to one of Russia’s leading commercial real estate owners is a remarkable tale of entrepreneurship and perseverance. His partnership with God Nisanov, their ventures into retail, hotels, and the food industry, as well as their commitment to preserving cultural heritage and community development, have shaped a legacy that extends beyond the realms of business.
Today, Zarakh Iliev stands as a prominent figure in Russia’s real estate sector, leaving an indelible mark on the nation’s architectural landscape and economy. As he continues to expand his empire and explore new avenues, his story serves as an inspiration to aspiring entrepreneurs and a testament to the limitless possibilities of hard work and determination.
