Zarakh Iliev

Zarakh Iliev (born 8 September 1966) is a Russian billionaire property developer.

Zarakh Iliev
Born (1966-09-08) 8 September 1966
Quba, Azerbaijan SSR, Soviet Union
NationalityRussian
OccupationProperty developer
Net worthUS$3.7 billion (December 2019)[1]
Children2

Early life

Zarakh Iliev was born in Krasnaya Sloboda, Azerbaijan, to Binsion and Sibo Iliev, and has five brothers and two sisters.[1][2] Iliev's family is part of a tight knit community of Mountain Jews.[3] Binsion Iliev was a shoemaker who taught his sons his trade. While in his home village, Zarakh Iliev took his first steps in business by sewing hats and selling them in the nearby town of Quba.[2] In 1983, when he was 17, Iliev left home to look for work in Moscow. He began working for his uncle on Lubyanka Street, but quickly became a respected trader at the Cherkizovsky Market.[3]

Career

Together with his business partner, fellow Azerbaijani God Nisanov, Iliev started by building markets near metro stations in Moscow, and later turned these into shopping centres in the early 1990s.[1] They later diversified into building hotels in Moscow and elsewhere in Russia and have real estate totalling 14 million square feet.[1] They own the company Kiyevskaya Ploshchad.[4]

In 2013, they acquired the Lotus City shopping centre in suburban Moscow.[5]

Nisanov and Iliev also own the Radisson Royal Hotel, Moscow and the Radisson SAS Slavyanskaya Hotel in Moscow.[1] In 2005, Nisanov acquired the Radisson Royal Hotel, Moscow, a luxury hotel formerly known as the Ukrainian Hotel and commissioned by Joseph Stalin, for £59 million during an auction.[6] Nisanov and Iliev closed the hotel after purchase and spent three years modernizing the structure. They reopened the hotel in April 2010 under the new brand, Radisson Royal.[7]

In 2017, the Forbes Russian edition included Nisanov and Iliev in its list of “Russian Real Estate Kings.” The pair own Kiyevskaya Ploshchad company, whose rental income is $1.5 billion. Kiyevskaya Ploshchad owns Evropeysky shopping center, Radisson Royal hotel and Food City shopping complexes.[8]

Personal life

He is married with two children and lives in Moscow, Russia.[1]

References
  1. "Forbes profile: Zarakh Iliev". Forbes. Retrieved 12 December 2019.
  2. Iliev Zarakh Binsionovich at TAdviser. Accessed 1 September 2020.
  3. "Zarakh Iliev". Richest Russian. Retrieved 13 March 2018.
  4. "Company Overview of Kievskaya Ploshchad". Bloomberg. Retrieved 13 March 2018.
  5. Lotus City Shopping Mall Sold to Iliyev and Nisanov, The Moscow Times, 3 December 2013
  6. Stalin's grand hotel sells for £59m, The Daily Telegraph, 25 November 2005
  7. "Stalin's Bedtime Nightmare". Forbes. Retrieved 13 March 2018.
  8. "God Nisanov and Zarakh Iliyev become Russian Real Estate Kings". Vestnik Kavkaza. 27 January 2018. Retrieved 5 July 2019.
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