Vladimir Putin Approves $4B "Russian Disneyland"
DreamWorks Animation and NBCU are also executing similar projects in the country.
Russian authorities have approved construction of a $4 billion "Russian Disneyland" theme park in the Kaluga region, 200 kilometers from Moscow.
The Magical World of Russia will be developed by Los Angeles-based Moschanko Invesment Group and designed by Goddard Group.
The project was approved by Kaluga region governor Anatoly Artamonov and Russia's president Vladimir Putin, the Russian news agency TASS reported.
"The Magical World of Russia will include several sections, including those offering interactive entertainment and learning programs for children," Artamonov was quoted as saying by TASS, adding that the theme park will also have several hotels and the world's biggest aqua park.
According to Artamonov, the project will be funded privately, and no government money will be spent.
"Using Russian folklore, legends and history, we are actively working to make this a theme park that will reflect the culture and lore of Russia — and one that will be built to a quality level equal to, or better than, any other world-class theme park today," Goddard Group's chairman Gary Goddard said in a statement, quoted by San Bernardo Valley Business Journal.
The Magical World of Russia will be built on 220 hectares on the border of Moscow and Kaluga regions.
Incidentally, two other theme park projects are already in progress in Russia, executed separately by DreamWorks Animation and NBC Universal.
DreamWorks' Moscow theme park, Dream Island, is scheduled to enter the construction stage later this year, to be inaugurated in 2018 as part of a larger, $2.1 billion project that also includes similar theme parks in Russia's other major cities, St. Petersburg and Yekaterinburg.
Construction of NBCU's theme park Moscow is to begin in 2017.