Union Bank of Switzerland - popular foreign assets controller for SOFAR
Assets of the State Oil Fund of Azerbaijan to January 1, 2014 amounted to 28,307,456,000 manats (5.3 % per year) in total revenues since 2001, $ 101 billion, or 79.25 billion manats at the current rate.
According to last year's financial statements of SOFAR confirmed by the international accounting firm PWC, the current fund assets increased 4.1% - up to 27 billion 85.89 million manat, long-term assets - 39.3% - up to 1,221,566,000 manats. In the structure of long-term assets investment in the joint venture was 168 966 000 manats, and all this was invested in 2013.
SOFAR liabilities in the reporting year increased 65.7% - up to 7 billion 882 million manats. SOFAR capital increased 5.2 % - up to 28,299,574,000 manats , including capital expenditures increased 3.2% - up to 27,794,666,000 manats.
According to financial reports, operating income of the State Oil Fund in 2013 amounted to 556.336 million manat, of which the majority (88.3%) accounted for interest and other investment income - 491 118 000 manats.
The volume of SOFAR assets under management for foreign managers in the reporting period amounted to $ 1 billion, 106 million (3.11 % of assets). The previous year (as of 1 January 2013), the figure was $ 994,882,000, an increase of 11.2%.
The most popular foreign manager of the assets of SOFAR is UBS (Union Bank of Switzerland) with $ 395 million or 1.11% of the Fund assets. The State Street Global Advisors (SSGA) manages almost as much - $ 393 million (1.1 % of the assets).
In the third place is the World Bank - $ 220 million or 0.62 % of the SOFAR assets; DB Advisors (division of Deutsche Bank Asset Management) manages $ 98 million (0.28 % of the assets).
Total assets of SOFAR on January 1, 2014 were about $ 35.9 billion. - 17D-
Economics
-
Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
-
Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
-
Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
-
The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
Leave a review