The Kyiv School of Economics (KSE) plans to invest $10 million in the internal renovation of the Golf Club in Obolon, Kyiv, which it recently acquired for $18 million, so that the campus created on its premises meets the requirements of leading world universities, KSE President Timofey Milovanov said.
“About $10 million will go toward internal renovation, not external. Everything there needs to be demolished, and laboratories, amphitheaters, and makerspaces need to be built. … Filling the campus itself with high-quality, modern educational facilities, such as those found in top universities, will cost $10 million,” he said in an interview with Interfax-Ukraine.
According to Milovanov, KSE sent a team to MIT (Massachusetts Institute of Technology) to see what a makerspace is.
“This is where students have access to all modern robots, lasers, machine tools with software control — everything they need to make a prototype if they have an idea. All the equipment must be there, from projectors to lecture halls, and there must be access to software that costs money even for universities,” explained the KSE president.
He added that there are plans to open these makerspaces for students from other universities as well.
Milovanov recalled that the first KSE building in Kyiv, located at 3 Shpaka Street, cost $2.5 million, with another $2.5 million spent on renovations: shelter, sleeping capsules, library shelves, AI cameras that allow hybrid lectures, a security system, fire safety, modern ventilation, batteries, and generators in case of blackouts.
Some of this is already in place at the Golf Club, but it was designed for a small number of people, not the several thousand students who will be working here, added the KSE president. Among other things, he pointed to the building’s well-insulated basements, which can be used as shelters for all students and teachers.
He emphasized that he was very pleased with the purchase because the Golf Club was built to a very high standard, so the price of the deal was very attractive considering the location—$18 million for 14,500 square meters of space plus 5 hectares of land on lease.
“Even if you don’t count the land and the location near the Dnieper, that’s $1,200 per square meter! (…) But now there are no buyers. If people have $20 million, they will buy a hotel in Indonesia, not invest in Ukraine. I think this is simply a factor of the war, and we are very lucky—without the war, it would have been many times more expensive,” Milovanov believes.
According to him, in theory, the first students could use the renovated building as early as January next year, although in practice it may take longer, partly because of the existing tenants, with whom KSE would like to resolve the issue without any disputes.
“But there are two buildings at the Golf Club. One of them is empty—there are no tenants. So we are already starting demolition this week, and it may be ready sooner. That is where we will build makerspaces, amphitheaters, and other significant renovations,” said the KSE president.
He emphasized that the university will maintain the land’s sporting purpose, as stipulated in the lease agreement.
“We will do everything completely according to the law, so we will leave the golf course. Some good businessmen are already writing to us about how this can be improved. So maybe there is something in this direction,” Milovanov said.
At the same time, he said that in the future, KSE would like to expand the purpose of the land plot so that it fully corresponds to the university, so it will submit all the documents to the Kyiv City Council.
“I think it will take 5-7 years. But we have no other way, because we are an American company. Although local developers tell me: Timofey, why are you doing this? Do what you have to do, and you’ll figure it out later. But we don’t do that, we are an American company. We don’t know how to decide things like that,” he emphasized.
KSE is a private university and research center founded in 1996. It operates as a non-profit organization registered in the United States. Since 2022, KSE donors have contributed more than $150 million to humanitarian, defense, and educational projects, including the development of university infrastructure.
GOLF CLUB, INVESTMENT, KYIV SCHOOL OF ECONOMICS, RECONSTRUCTION
The first stage of major repairs to a city polyclinic damaged during the Russian occupation of 2022 has been completed in Irpin, Kyiv region. The reconstruction was carried out with financial support from the State Oil Company of the Republic of Azerbaijan (SOCAR). The Azerbaijani Embassy in Ukraine also contributed to the restoration.
The first stage included major repairs and insulation of the facades and roof, replacement of windows, and renovation of the entrance areas. The SOCAR Blago Charitable Foundation allocated 60 million hryvnias for this work.
The second stage of the clinic’s restoration, also financed by SOCAR, involves the construction of a shelter, the installation of a fire alarm system, and ventilation. The overhaul of the clinic is scheduled to be completed by the end of this year.
Earlier it was reported that the city of Irpin had already been 80% restored after the destruction caused by hostilities in the spring of 2022.
Azerbaijani-Ukrainian diplomatic relations were officially established on February 6, 1992, after Azerbaijan recognized Ukraine’s independence. During Russia’s full-scale invasion of Ukraine in March 2022, the Azerbaijani embassy in Kyiv temporarily suspended its work, but resumed operations on April 30, 2022.
SOCAR (State Oil Company of the Azerbaijan Republic) is Azerbaijan’s state-owned oil and gas company, founded in 1992. Its headquarters are located in Baku. SOCAR extracts oil and natural gas onshore and offshore in the Caspian Sea, operates the country’s only oil refinery and gas processing plant, and operates several export oil and gas pipelines.
SOCAR began operations in Ukraine in 2009. Today, the SOCAR network in Ukraine has more than 60 gas stations in various regions of the country, including Kyiv, Lviv, Odesa, Kharkiv, Dnipro, and other cities.
https://interfax.com.ua/news/diplomats/1068732.html
A large-scale international technical assistance project, the Belgian Initiative for the Recovery of Ukraine (BE-Relieve Ukraine), implemented by the Belgian government through the development agency Enabel, has officially started in Ukraine, the press service of the Ministry of Community and Territorial Development reports.
“BE-Relieve Ukraine is not just about technical assistance. It is a project aimed at a partnership between Ukraine and Belgium in the reconstruction of our country. The main principle of our cooperation is “To rebuild better than before.” BE-Relieve Ukraine will last until the end of 2028. During this time, Ukraine will receive €150 million from the Belgian Government to restore and maintain critical infrastructure, prepare for winter, and create an inclusive environment,” said Kostyantyn Kovalchuk, Deputy Minister of Communities and Territories Development.
The main areas of the project are the modernization of energy infrastructure, reconstruction of medical facilities, renovation of school and vocational education infrastructure, as well as promoting reforms and strengthening ties with Belgian partners.
Priority activities include the transfer of 212 generators for educational institutions, mobile boilers for hospitals and utilities, and the repair of medical infrastructure.
According to the expert, about 100,000 tons of fireproof paints, plasters and other products may be needed to restore destroyed real estate.
Research by the Kyiv School of Economics and USAID shows that 90% of the construction materials needed to rebuild Ukraine can be produced locally. At the same time, the director of Kovlar Group, the largest Ukrainian manufacturer of fireproofing materials that produces Ammokote products, said that the total capacity of domestic fireproofing manufacturers far exceeds the expected demand during the reconstruction.
“As of today, fire protection materials worth about UAH 1 billion are needed to rebuild the destroyed facilities,” said Konstantin Kalafat, ”At the same time, the use of locally produced products will not only help develop Ukraine’s construction industry and create new jobs, but will also help investors save a lot of money, as Ukrainian products are much cheaper than imported counterparts.
Established in 2015, Kovlar Group is the largest Ukrainian manufacturer of fire protection products, which occupies about 60% of the Ukrainian fire protection materials market and offers more than 20 products under the Ammokote brand.
Established in 2015, Kovlar Group is the largest Ukrainian manufacturer of fire protection, which occupies about 60% of the Ukrainian fire protection materials market and offers more than 20 products under the Ammokote brand.
Kovlar Group LLC was founded in 2015, its authorized capital is UAH 1.2 million, and its ultimate beneficiaries are Kostiantyn Kalafat (40%), Andrii Ozeychuk (35%), and Liubov Vakhitova (25%). According to the company’s annual reports, in 2023, the company received UAH 42 million 585 thousand in revenue, which is more than four times higher than in 2022; net profit for 2023 was UAH 7.7 million against a net loss of UAH 1.6 million in 2022.
fire protection materials, Kovlar Group, RECONSTRUCTION, Калафат
Investment company Concorde Capital is implementing a project to reconstruct the Kyiv Bus Station, located near the Central Railway Station (Vokzalna Metro Station), better known as the Yama, Concorde Capital founder Igor Mazepa said on Wednesday.
“My colleagues and I came up with an idea, why don’t we go in… take a closer look at the transportation market from the investment point of view… At Concorde, we decided to enter this market through infrastructure projects… (to start) with the reconstruction of the well-known Kyiv bus station, which is located in the city center near the railway station,” Mazepa said during a video presentation at the conference “Reforming Passenger Bus Transportation in Ukraine.”
According to the investment company, the passenger flow of this station is about 10 thousand people per day, plus or minus 400 bus trips.
Mazepa noted that the central bus station, in fact, was “in a terrible state” until recently.
“Now our task, our mission, is to carry out a human reconstruction in accordance with European standards. I can assure you that you will soon see the changes that will take place there,” Mazepa said.
At the same time, the founder of the investment company noted that the reconstruction would require significant capital investments.
“We are not afraid of this and we can guarantee that our customers and passengers will soon receive the highest quality service. Of course, we will ask that such services be paid for fairly,” Mazepa said.
According to Igor Sotnyk, director of Concorde Capital’s investment banking department, the reconstruction of the bus station is planned in two stages. The first stage, which separated bus and car traffic, has already been completed. The second stage involves work on the improvement of the bus station building in accordance with the concept that is currently being developed.
“We are now finalizing the mix of tenants who will be present there according to the needs of passengers. There will be a waiting area, a food court, a high-comfort zone, a children’s room, a first-aid post, and commercial premises,” Sotnyk said, adding that a working draft will be prepared after the concept is finalized.
In addition, the possibility of creating services for carriers – service stations and car washes – is being considered. The technical possibilities for their placement are being studied.
Sotnyk also said that the exact timing of the start of work will be known after the working documentation is ready, but expressed hope that this could happen in early 2025.
Mazepa estimated the legal road transportation market in Ukraine at almost UAH 7 billion. According to him, taking into account illegal transportation and those from which taxes are not paid, the real size of the market is “many times larger.”
The Danish government has decided to allocate additional EUR380m for the reconstruction of Ukraine’s infrastructure and construction of wind farms, Danish Business Minister Morten Bedskou said at a meeting with Ukrainian President Volodymyr Zelensky in Kiev.
According to the press service of the President, during the meeting, the Danish Minister of Entrepreneurship noted the opportunities for strengthening cooperation between the countries and informed about the decision of his government to allocate additional funding for the Ukrainian mechanism of the Danish Export and Investment Fund.
As noted, this mechanism fully covers the risks of Danish exporters and investors, as well as provides financing to Ukrainian private companies and state institutions.
For him, the Danish government will allocate almost EUR380 million more for the restoration of critical infrastructure and construction of wind farms.
At the meeting, Zelensky and Bedskou paid special attention to the prospects of expanding Danish business and attracting new investments in Ukraine.
In turn, the President of Ukraine emphasized the importance of the fact that the Minister of Entrepreneurship of Denmark during his visit to Kiev is accompanied by the heads of Danish companies – the largest investors in the economy of Ukraine.
“Your activity in the Ukrainian market is striking. With your investments you set an example for other partners and investors”, – emphasized Zelensky.
As reported, during the recent visit of the First Lady of Ukraine Olena Zelenska to Denmark, she asked Danish partners for additional funding for the Danish Export and Investment Fund, the funds from which come to help Ukraine.
DENMARK, INFRASTRUCTURE, Morten Bedskow, RECONSTRUCTION, UKRAINE
