The State Oil Fund of Azerbaijan (SOFAZ) has decided to invest hundreds of millions of dollars in real estate in Milan. As the Wall Street Journal reported, we are talking about the acquisition of a building at the Italian Chamber of Commerce.
The transaction value is not precisely known, but it is part of the acquisition of three objects by three customers totaling $ 380 million dollars. Two other buyers of the real estate are Funds of Qatar and the UAE.
Earlier SOFAZ bought expensive real estate in the UK, France, Russia, South Korea and Japan. The gain of that has remained unknown.
It should be noted that such investments amid the falling oil revenues and the reducing assets of SOFAZ look, at least, illogical. According to the site SOFAZ, in 2015, the Fund's assets decreased from 37.1 billion to $ 34.74 billion. -02D-
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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