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Golf Becomes New Economic Priority of Bulgaria
mediapool.bg   2008-02-07
Golf Becomes New Economic Priority of Bulgaria
The government decided to become a builder of golf courses and a real estate broker, by registering a single-stock company called "Golf Razvitie" with 100% state participation. This decision was taken on Thursday by the council of ministers, but it wasn't explained in detail in front of the media - there was only a press release about it.

The capital, needed for registration of the new state company, is 9 183 000 leva and is formed mainly by 12 aported land estates, which are state property, part of the government assests of the State Game-breeding Enterpise "Balchik" of the State Forestry Agency. The remittance for registration of the state company - 50 thousand leva - is provided by the budget of the Ministry of Regional Development and Building (MRDB). The capital of "Golf Razvitie" will be divided into 9183 shares, one thousand leva each, and will be managed by a 3-member board of directors, each one with a 3-year mandate.

In the official press release it was not mentioned who will manage the new state company.

Among the motives of the government about registering the state company is pointed, that "it is being created, so that Bulgaria can turn into a competitive golf destination, attractive to the solvent tourists". This decision had been taken, because "golf tourism is one of the most profitable in the world". According to the ministers this is the way of the government to cope with the overbuilding of seacoast and mountain resorts, where in the recent years has been a mass construction of golf complexes.

The activities of "Golf Razvitie", according to official information, will be "design, construction, exploitation and management of golf complexes". By "golf complexes" the government means "courses, serving buildings and facilities, and villa complexes"

Investors of seacoast golf complexes were very surprised by the news about the creation this new state company, which is going to compete with them on the market. Dario Tomaletti, representative of "Cablan" company, which is presently building such complex near Kableshkovo, Pomorie Municipality, assumed that "the government is probably trying to create a new regulating organ". Tomaletti said he never had any business with or heard of such state companies, which probably try to displace the private investors of this business from the market.

The investors of golf complexes need the help of the government mainly to get all the licenses before the start of construction, explained Dario Tomaletti. The procedure is very slow, he commented.

A research of Mediapool shows, that in Balchik region several golf complexes are being built. In Tabiyata countryside near Balchik the golf legend Gary Player helps designing and constructing "Black Sea Golf Resorts". Executive manager of the investing company is the sociologist from "Gallup" Kancho Stoychev, who is considered to be close to political parties.

Another investor of a golf complex in the same countryside is "Cliff Golf Holiday Club" Ltd. - Sofia. According to sources of Mediapool, the manager Georgi Chucklev has serious positions in the left wing of politics.

In the same region the construction companies "Balkanstroy" Ltd. and "Barrage and Co." Ltd. are building "Lighthouse Golf Resort" - the third golf club in Tabiyata. Designer of the complex is another golf legend - Jan Usnam. "Balkanstroy" and "Glavbolgarstroy" are other companies, which gravitate around BSP and DPS (Movement for Rights and Freedom).

A few kilometers away from the foregoing big golf complexes, near Topolla village, another complex is in construction - "Topolla Skies".

The lot, needed for construction, is not the first one to be taken from the State Game-breeding Enterpise "Balchik". More that a year ago the agricultural management gave permission for the replacement of nearly 2200 sq.km. of the forest fund near Balchik . The land later got into the hands of off-shore companies.


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