In connection with the entry into force on 1 January next year of the new requirements to professional participants of the securities market, there has been a revival in their ranks. The transformation into investment companies has been reported by 5 of the 12 brokers.
The transformation of the closed joint stock company to the investment company Invest-AZ was announced by Invest-AZ Ltd. (founder - Elshan Guliyev). Ltd. Tekhnika Capital Management became JSC Investment Company Capital Management (parent company - JSC Bank Technique).
Prior to that, the brokers Azfinance, Unicapital and Demir became investment companies.
Today the press reported about the liquidation of Trust Asset Management (founder - Azersun Holding). It is expected that two companies with licenses for asset management (Invest AZ Asset Management and Azfinance Asset Management) will also cease their activities soon. ---- 08B
Economics
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Azerbaijan's President Ilham Aliyev signed a decree introducing changes to a number of presidential decrees aimed at amending the country's Tax Code in connection with the adoption of Law No. 98-VIIQD on December 16, 2024. The decree, published on Tuesday, introduces significant changes designed to simplify tax refunds for various goods and services and improve the rules for refunding value-added tax (VAT).
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SOCAR Türkiye Enerji AS (STEAS), the Turkish subsidiary of Azerbaijan's state oil company SOCAR, has announced an ambitious plan to build new production facilities for ethylene, polyethylene, and polypropylene (polyolefins) in Turkey. This initiative comes as the country grapples with a widening supply-demand gap, with nearly 90% of its polyolefin needs currently being met through imports.
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The tourism industry in Azerbaijan is experiencing remarkable growth in 2024, driven by post-pandemic recovery and strategic government initiatives. From January to November 2024, the country welcomed 2.412 million foreign tourists, marking a 27% increase compared to the same period in 2023. Projections suggest that the total number of visitors by year-end could reach 3 million, underscoring the sector's impressive trajectory.
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In the first 11 months of 2024, Azerbaijan's consumer market demonstrated steady growth, with the total value of goods and services reaching 67.4 billion manats, a 4.8% increase compared to the same period in 2023. This growth underscores the resilience of Azerbaijan's economy, which continues to adapt to global and domestic challenges.
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