The Tax Ministry registered the fourth part of the Swiss company with an international holding company "Novanord Holdings". Ltd. "Novanord Construction" was established on July 2.
According to the State register of commercial entities, $50,000 should be invested in initial capital of the new company. Director of the company has been appointed head of LLC "Akkord Novanord Construction", Salih Serdar Cakmak.
"Novanord Holdings" is an international holdings company operating in Azerbaijan, China, Cyprus (Northern), England, Italy, Kazakhstan, Maldives, Netherlands, Russia, Sweden, Switzerland, Turkey, UAE and USA with a portfolio of more than 25 companies.
“Novanord Holdings” is currently active in four main sectors: construction, organic agriculture, aquaculture & organic farming, industrial raw materials' production and tourism/hotel investments.
As Novanord Holdings we target penetrating to new sectors while we continue to expand in our current sectors with backward and forward integrations.
Behind the success of Novanord Holdings there lies; entrepreneurship, trustworthy, entrepreneur productivity, customer loyalty, and customer focused management style. --08B--
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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