The owner of industrial holding Basic Element (BasEl), ranked the 62nd richest person in the world by Forbes magazine, is one of three major investors in the project.
He is joined by Peter Munk, founder and chairman of Barrick Gold Corporation, the world's leading gold producer, and Sandor Demjan, founder and major shareholder of TriGranit, the third largest European real estate investment, development and management company.
"The concept of the project is being developed now. Construction is scheduled to start in 2010," the daily said adding that the project would take around 10 years to complete.
Other participants in the project are the owners of the site as well as some of the Rothschilds.
The paper said the investment in the sea resort, set to feature yacht berths, hotels and villas, was several times larger than that in other construction projects involving Russian developers.
