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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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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