The State Oil Fund of Azerbaijan (SOFAR) announced the purchase of real estate on December 17 in London. Thus, for over 177,350 million pounds SOFAR acquired office complex at St. James Street, 78, in the West End.
St.James is a famous exclusive properties in London. The building was constructed in 1845 and renovated in 2003 and is a Class "A" office building, reads the information of the State Oil Fund.
Total area is 11,018 square meters and is leased by HSBC Bank until 2023. The annual rental income is £ 9.65 million, and the net initial yield of 4.5% per annum, said the executive director of SOFAR, Shahmar Movsumov.
For December 1, 2012 SOFAR’s assets totaled more than $33, 8 billion. The purchase of the property was made in accordance with the presidential decree of 27 October 2011 on changes in the rules for the management of assets SOFAR. Thus, 5% of the total value of the investment portfolio may be invested in gold, stocks and real estate with a maximum limit of up to 5% for each financial instrument, reads the report of SOFAR. -0-
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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