|December 05, 1963
|Moscow, Russia, Russia
|Iskander Makhmudov age
|59 YEARS OLD
|Искандар (Искандер) Кахрамонович Махмудов
|Degree, Oriental Studies
|Founder/Owner of Ural Mining and Metallurgical Company
|Board member of
Iskander Makhmudov, a prominent figure in the metals and mining industry in Russia, is expected to have a net worth of $7.3 billion by 2024. With his vast business empire, Makhmudov has amassed significant wealth in the sector over the years. As the founder and owner of Ural Mining and Metallurgical Company (UMMC), he has played a pivotal role in the development and growth of the Russian mining industry. Makhmudov's expertise and strategic investments have contributed to his immense success and cemented his position as one of the wealthiest individuals in the country's business landscape.
In 1986, the U.S. military ran an operation called El Dorado Canyon in Tripoli, Libya. U.S. forces dropped 60 tons of bombs and missiles on Libya's military facilities. During the bombing campaign, a number of Soviet government specialists were stationed in Tripoli. They were woken up by the noise of the bombing campaign, and went out to their hotel balconies to watch. Makhmudov was one of these men. At that time, his job was to servea as an Arabic-Persian translator.
In July 2012, Metal Mining Wire reported that UMMC had planned to build and run a new steel mill in the Tyumen region of Russia. The mill would cost $675 million. According to the article, UMMC expects the new mill to produce 540,000 metric tons of steel per year.
According to Russia & CIS Business & Financial Daily, Makhmudov will budget approximately 60 billion rubles in 2013 for Investments. "We're signing contracts for next year, and have started budgeting. The average copper prices will be around $8,000 a tonne in 2012. We're hoping it stays at that level next year. We're also planning the same investment program as this year - 60 billion rubles," said his Business partner.
In June 2014, Makhmudov closed a deal with Hyatt Hotels to build a luxury apartment hotel in Yekaterinburg, Russia. Makhmudov and his Business partner Andrei Kozitsyn met with the two head executives from Hyatt Hotels in Yekaterinburg to discuss the project. According to Russian news sources, Ural Mining and Metallurgical Company (UMMC) and Hyatt Hotels Corporation have already agreed to build the hotel. A subsidiary of UMMC is currently constructing a building called the Iset Tower. If the UMMC-Hyatt deal is finalized, Hyatt will use the top six floors of the Iset Tower for the luxury apartments.
According to SKRIN Market & Corporate News, Makhmudov planned to direct his company to develop a new regional jet by 2015. The aircraft was to be manufactured in a Czech Republic-based plant. All tests were planned to be completed in 2013.