At the end of November 2012 representatives of SOFAR will visit the South-Eastern Asia, SOFAR Executive Director Shakhmar Movsumov told journalists.
He said during the visit it is planned to visit such countries as Malaysia, Indonesia and Hong Kong. The goal of the visit is to study investing of part of the Fund's assets into the commercial property in these countries. "Our strategy is to diversify the investment portfolio and we will invest into immovable property abroad," said SOFAR Executive Director.
He added that SOFAR does not hide that it is interested in buying property in big cities, such as Moscow, London, Istanbul, Paris and etc. "We do not disclose details of the deals till their closing," Movsumov said and refused to provide more information about buying building of Art Gallery trade centre in Moscow by SOFAR.
At the end of October Russian Izvestiya newspaper said that SOFAR is among the pretenders to purchase of the Art Gallery in the Moscow centre. Approximate cost of the building is $5 million.--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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