Russian billionaire and New Jersey Nets owner Mikhail Prokhorov unveiled in Moscow a prototype of a new hybrid car. According to The Wall Street Journal, the car will combine a gasoline engine and an electric motor.

In an effort to promote modernization and drive economic development throughout Russia, Prime Minister Putin recently announced the establishment of a Russian “Titanium Valley” Special Economic Zone in the Urals Federal District. Mirroring Russia’s high-tech Skolkovo project, the $1.3 billion economic zone will grant customs and economic benefits to producers of titanium-based products in the aircraft, automotive, shipbuilding and medical industries. 

Ubifrance is the semi-governmental French agency in charge of fostering the international development of French companies abroad. In the framework of the Russia-France year, the agency is organizing a meeting between French small and medium enterprises (SMEs) and their Russian counterparts in Moscow on December 8 and 9 . 

Stephen Dalziel, Executive Director of the Russo–British Chamber of Commerce (RBCC), spoke to Modern Russia about doing business in Russia and the Russia TALK event that RBCC hosted in London in October.  He discussed the impact of the global financial crisis on Russia, the development of Moscow as a financial center and the effect of the upcoming 2014 Sochi Olympics on the country’s business sector and modernization campaign.

The changing dynamics of Russia’s business landscape – populated by a new generation of modern professionals and companies – offers brilliant opportunities for Russian real estate investors.  As evidenced by the construction cranes across Russia, the country’s modernization drive and economic recovery have created high demand for precious commercial Russian real estate, both within Moscow and beyond.  The development of modern office and residential space in Russia’s cities has bolstered the development of the economy thus far and will be essential for the country’s continued modernization.