The holding company Synergy Group has established a company Synergy Hospitality, the capital of which is invested 500 manats.
The board of the holding company refused to provide any information about the plans of the new company.
The group of companies consists of Excelsior Shamkir Hotel, Caspian Resort Hotel and Azorchid Hotel. The latter manages two hotels (Chinar Hotel & Spa Naftalan and Qalalti Hotel SPA and Resort).
JSC Synergy Group was founded in 2010. The authorized capital is 50 million manats. The group includes about 30 companies, mainly in the regions of the country.
Earlier this year, the Board of Directors of the holding was dissolved. Its board consists of four members. This month Gudrat Seifullayev was appointed first deputy head of Synergy Group. He previously held the post of advisor to the Minister of Taxes. ----08B
Economics
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Azerbaijan is nearing the completion of its winter crop sowing campaign for the 2025 harvest, with winter crops for grain and green fodder planted on 941,700 hectares as of Jan. 1, according to data from the State Statistics Committee.
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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