Russian billionaire to revitalise New Holland

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Russian billionaire Roman Abramovich, the owner of UK football club Chelsea, wants to invest about 300 million euros in New Holland, an artificial island in the city of St Petersburg. Mr Abramovich's plans feature office buildings, housing, museums and a hotel.

New-Holland was created in 1720 by the construction of a number of canals. Czar Peter the Great named the artificial island New-Holland because of his great admiration for Dutch shipbuilders. In 1697, Peter visited the Netherlands and studied shipbuilding in the town of Zaandam.

Four years ago, the St Petersburg authorities intended to turn the island into an entertainment district, but the plan was never carried out because of the economic crisis.


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