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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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