Viktor Vekselberg, one of Russia’s richest men, is spearheading an initiative to create a Russian rival to Silicone Valley or the UK’s own Tech City.

Skolkovo Research and Business Park, expected to cost 6bn, will be used to create an innovation cluster of a university, a research park and a city housing 35,000. It will be Russia’s first PPP (private public partnership) concerning education and enterprise. Construction has already started; the first students are expected in 2014.

Multi-billionaire Vekselberg will bring a delegation of executives to the UK next week, in the hope of attracting more international companies and institutions to join the project.