Mikhail Loskutov

AFI Development PLC operates as a holding company with interests in real estate investment and development. The company operates through subsidiaries focuses on developing and redeveloping commercial and residential real estate assets, including offices, shopping centers, hotels, mixed-use properties, and residential projects. It operates through the following business segments: Development Projects-Commercial Projects, Development Projects-Residential Projects, Asset Management, Hotel Operation, Land Bank and Other. The Development Projects-Commercial Projects segment includes construction and selling of residential properties. The Asset Management segment includes the operation of investment property for lease or sale. The Hotel Operation segment includes the ownership and operation of hotels. The Land Bank segment includes the investment and holding of property for future development. The Other segment includes the management services provided for the projects. The company was founded by Alexander Khaldey on February 13, 2001 and is headquartered in Limassol, Cyprus.

In 2003, three of Russia's leading investment, financial, and industrial groups - Alfa Group, Access Industries, and Renova - formed the AAR Consortium. The Consortium represents the interests of the Russian shareholders in the oil company. AAR manages oil and gas assets for three leading Russian investment firms: Alfa Group, Access Industries, and Renova Group. These assets include TNK-BP (Russia's second largest private oil company) and Slavneft (a company jointly owned with Gazpromneft).