Kazakh billionaire Bulat Utemuratov was among the investors in Monaco's most expensive residential project, the Mareterra district, which generated $3 billion in net profit within six months of completion, according to infohub.kz.
According to Forbes Australia, the new residential district of Mareterra, built on 6 hectares of land reclaimed from the sea, cost approximately $2.3 billion. The project to expand the principality's territory, initiated by Prince Albert II, took 11 years to complete. To create the artificial peninsula, 18 massive concrete structures were placed on an underwater embankment at the bottom of Monaco's bay.
The reclaimed land now hosts villas and residences, including the Le Renzo residential complex, which resembles a ship. The 126-meter-long building, designed by Italian architect Renzo Piano, offers 47 luxury apartments. Among Mareterra's residents are Ukrainian billionaire Rinat Akhmetov, who bought a 21-room apartment for $550 million, chemical billionaire James Ratcliffe, and Formula 1 drivers Max Verstappen and Charles Leclerc.
Apartment prices in the district reach approximately $138,900 per square meter — twice as much as in Dubai's most prestigious areas. Villas are even more expensive: one house with an area of 4,100 square meters, featuring a tasting room, pools, spa, and sauna, is listed for €200 million.
In 2015, the Monaco government signed a concession agreement with SAM L'Anse du Portier. Construction was handled by Bouygues, owned by French billionaire brothers Martin and Olivier Bouygues. They received a 10% stake, while the remaining 90% was held by an investment fund backed by private investors.
Among the largest investors were Patrice Pastor with a 26% stake, the Casiraghi family (10.5%), the Lopez de la Osa family, Swiss billionaires Gianmario and Mario Germano Giuliani, and Bulat Utemuratov. Each held between 5% and 10% of the company's shares.
Under the agreement, construction was financed by investors, who received all profits from sales, minus taxes and a one-time payment of $460 million to the state. Total sales exceeded $6.6 billion, allowing the project to recoup construction costs, repay $1.2 billion in bonds, and pay over $1.8 billion in taxes and concession fees.
According to financial documents, the development company's net profit reached $3 billion as of June 30, 2025 — just six months after the project's completion. Utemuratov received a share of this profit.
"When you create something truly outstanding, the market responds accordingly. Beyond the financial result, there is real satisfaction in having supported a project that has become iconic for Monaco and the region," Utemuratov told Forbes.
The district is attractive to buyers due to its tax-free zone for Monaco residents, as well as the fact that Dubai, a major competitor in the luxury real estate market, has become embroiled in a conflict with Iran.
Earlier, it was reported that Bulat Utemuratov's son Anuar joined the board of directors of British fintech company Pockit, whose investors include former Manchester United coach Alex Ferguson and Revolut chairman Martin Gilbert.