Economy

Hagag Signs Nonbinding MOUs for About 3,500 Apartments in Baku

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Courtroom-sketch editorial illustration of a sweeping multi-tiered waterfront apartment complex with curved terraces and pools beside a rocky shoreline and pale-blue sea, drawn in warm ochre and slate-blue chalk and pastel strokes with cross-hatching on sepia newsprint.

Israeli developer Hagag Group signed two nonbinding memoranda for leasehold rights to plots at Sea Breeze Resort in Baku, Azerbaijan, with plans for about 3,475 apartments across 358,000 square meters. A local developer would own about 20% of the asset company and handle construction, while total land consideration is capped at about $93 million. Due diligence runs through September 15, and the seller would be responsible for securing permits at the asset company's cost. Hagag said the transactions remain subject to satisfactory due diligence, detailed agreements, corporate approvals and other conditions, with no certainty they will become binding.

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