Since the beginning of this year, the Ministry of Culture and Tourism (MCT) has licensed the activity of 79 hotels and hotel-type facilities. There are 304 authorized hotels, including 134 in Baku, the ministry said.
According to the State Statistics Committee, at the beginning of this year, there were 530 facilities for receiving guests. Thus, only about 57% of them act on a legal basis. The remaining more than 200 hotels do not have a license.
According to the International Labor Conference, currently under construction are about 40 hotels.
Licensing of hotel business in Azerbaijan began in 2006. The cost of the license, which is provided for five years, is 1,500 manat, regardless of capacity and location. In addition, there is a national standard AZS 081-2006 Travel, Excursion and Services, Classification of Hotels, according to which the Ministry every three years carries out their certification, awarding from 1 to 5 stars to them. --08B--
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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