Dayanat Guliyev was appointed the new chairman of the Supervisory Board of JSC Synergy Group, which is one of the leading investment groups in Azerbaijan.
Prior to this Dayanat Guliyev from February 2013 was the first deputy chairman of the Board of JSC AtaBank.
Synergy Group in January 2015 marks the fifth anniversary. Within a short period the assets of the group, which includes about 30 companies, exceeded 136 million manats (as of December 31, 2013).
This year the shareholders will bring the authorized capital to 50 million manat by investing 35 million manat. The placement of shares is carried out at Baku Stock Exchange. 99% of the shares of the JSC belong to Ashraf Kamilov.
As noted by D. Guliyev, "our goal is to become the leading investment group of the country and the region. Our task is even more strengthen the position of Synergy Group in the non-oil sector, especially in industry, construction and manufacture of building materials, ICT and agriculture." --08D--
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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