The cost of property acquired by the State Oil Fund of Azerbaijan (SOFAR), and the rent for it last year increased significantly.
According to the annual report, the most attractive investments in real estate are in Moscow, Paris and London. Recall that in 2012 SOFAR purchased for $ 133 million retail and office center "Gallery Actor", located in the center of Moscow at 16 Tverskaya. Moreover, for 177.35 million pounds bought an office complex in west London (London's West End) 78 St James's Street and € 135 million complex of offices and facilities for trade, in Paris at 8 Place Vendôme.
According to the fund, as of 1 January this year, the cost of an office complex in London was estimated at 188 million pounds (+ 10.65 million to the initial price). The cost of real estate in Paris by the same date was 136.1 million euros (1.1 million), and the Moscow - $ 133.24 million (+ $ 240 million).
Fund Board estimated rental income from the use of property in London at 9.65 million pounds, in Paris - 4.5 million euros in Moscow - $ 11 million. -17D-
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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