The holding company JSC Synergy Group established an investment company LLC Shamkir Capital Group in Shamkiir, in which it originally invested 200 thousand manat.
The Supervisory Board of the new company consists of the same parties that form the Supervisory Board of the parent company: Deyaten Guliyev, Agasamed Efendiev and Fakhriyar Jabbarov.
Prior to that Synergy Group JSC founded several commercial structures in Shamkir, including Excelsior Hotel Shamkir, AzAgro, Zeyem Tekhnologiyalar Parki, and Shamkir Agropark.
Synergy Group (99% owned by Ashraf Kamilov) is one of the fastest growing holdings in Azerbaijan. This year it will mark the fifth anniversary. In a short time the number of its companies has exceeded 30. The capital of the company reached 50 million manat, while the losses were 33 million manat. The assets rose to 136 million manat as of December 31, 2013. Recently, the group purchased Kovsar Bank JSC. ---08B
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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