Aras Agalarov

Aras Agalarov
Born	(1955-11-08) November 8, 1955 Baku, Azerbaijan SSR
Occupation(s)	Real estate developer, businessman
Known for	Founder of Crocus Group, developer of Crocus City Mall and Crocus Expo

Aras Iskanderovich Agalarov (; ; born 8 November 1955) is an Azerbaijani-Russian billionaire specializing in real estate development. In 2015, Forbes placed him as the 51st wealthiest individual in Russia, and he is frequently identified as a member of the Russian oligarchy.

Early life

Agalarov was born in Baku and earned a degree in computer engineering from the Azerbaijan Polytechnical Institute. While studying, he actively participated in the Communist Party of Azerbaijan and served within the Baku City Committee.

Career

Agalarov’s business journey began with the establishment of the Crocus Inter retail outlet, which expanded into shopping complexes focusing on household goods. This venture paved the way for his entrance into real estate development, culminating in the creation of Moscow’s largest shopping center, Crocus City Mall, alongside Crocus Expo—the country’s biggest trade exhibition center. Additionally, he developed upscale residential properties and collaborated with Robert De Niro on two Moscow restaurants owned by Nobu Matsuhisa.

In 2012, Crocus Group completed a $1.2 billion campus for the Far Eastern Federal University near Vladivostok, with Agalarov personally contributing $100 million to cover budget overruns. His portfolio also includes infrastructure projects such as a major Moscow highway and two stadiums built for the 2018 FIFA World Cup.

Following Donald Trump’s announcement that Moscow would host the next Miss Universe competition, Agalarov and his son traveled to Las Vegas in January 2013; he paid Trump $20 million for hosting rights. Later that year, President Vladimir Putin honored Agalarov with the Russian Order of Honor. The Miss Universe 2013 event took place at Crocus City Hall, featuring Agalarov’s wife as a judge and his son as a performer.

During the pageant, Agalarov and his son hosted a dinner for Trump. Trump also appeared alongside Agalarov’s son and contestants in a music video. They proposed a $3 billion development project financed largely by Sberbank, which committed to covering 70% of the costs.

Agalarov has served as an intermediary between Trump and Putin, exploring potential Trump Tower developments in Russia and attempting to coordinate meetings between the two leaders, though some arrangements were ultimately canceled.

In 2014, Kyrgyzstan entered into an agreement naming Crocus Group as the exclusive service provider for its integration into the Eurasian Economic Union, bypassing competitive bidding for a $127 million contract.

Agalarov’s son Emin played a role in facilitating a June 2016 meeting at Trump Tower involving Russian lawyer Natalia Veselnitskaya and Donald Trump Jr., Jared Kushner, and Paul Manafort. Subsequent to this meeting, Agalarov transferred $1.2 million to a New Jersey bank account controlled by Emin; this transaction is currently under investigation by U.S. authorities.

After Donald Trump’s victory in the 2016 presidential election, Emin reported receiving a handwritten message from Trump reaffirming their ongoing friendship.

As of June 2017, Agalarov’s wealth was estimated at $1.91 billion, primarily derived from his real estate enterprises. In January of that year, Forbes ranked him as Russia’s 51st richest individual.

Personal life

Agalarov is married to Irina Agalarova and has two children. His son, Emin Agalarov, is both a businessman and singer-songwriter. Emin was formerly married to Leyla Aliyeva, daughter of Azerbaijan's President Ilham Aliyev, until their divorce in 2015. From this marriage, Agalarov has twin grandsons. In 2017, he placed his mansion in Alpine, New Jersey on the market for $7 million; it sold later that year for $5.8 million.

External links

• Profile featured in Forbes magazine