Caucasus Business Week #264

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December 10, 2018 - www.cbw.ge

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WEEK

A partment Prices to Hike starting January 2019

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Pre-Election Period Brought Positive Effect for Economic Growth

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94 mln Patients Worldwide Treated with Servier Medicines Daily

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GWS Showcases Famous Premium Wines of TAMADA Line

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Bank of Georgia to Write Off 200 million GEL Loans Bank of Georgia plans to pardon 200 million GEL loans, Bank of Georgia director general Kakha Kiknavelidze said.

Textile Factory to Open in Samtredia by 1 million USD Turkish Investment Since 2011, member companies of Association of International Investors have invested about 600 million USD in Georgia.

EU to Issue Bonds to Assist Georgia TBC Bank is Ready to Join the Initiative to Abolish Problem Loans TBC Bank, as the largest financial institution in the Georgian market, is responsible for the sustainability and stability of the Georgian financial sector and the general economy of the country.

European Union plans to issue bonds to assist Georgia and Ukraine, the Reuters reports referring to one of the EU officials.

200 Eco-friendly Buses to Be Purchased for Tbilisi The European Bank of Reconstruction and Development (EBRD) is extending a €27 million loan to Georgia to acquire up to 200 new compressed natural gas buses for the country’s capital of Tbilisi.

Georgia’s Port Sees Loss of 1.1 Million Tons of Cargo According to data for 10 months of 2018, Georgian seaports handled 12.4 million tons of cargo, which is 1.1 million tons and 8% less than in the same period of 2017.

Georgia to Export Olive Oil, Whisky and Tea to China Major Chinese importers have expressed interest in Georgian products. Georgian olive oil, whiskey and tea will be exported to China, according to the Partnership Fund of Georgia. Official agreements have been signed with the Chinese Chamber of Commerce as part of the Economic Relations Development Business Forum of Dziangsi Province.

Paata Ghadzadze to Quit TBC Bank According to TBC Bank Group, the TBC Bank deputy director general will leave the position on January 1, 2019.

He will continue his career in the insurance sector on the position of TBC Insurance director general.

President’s Reserve Fund Abolished, Zurabishvili’s Administration to Cut Expenses The Georgian President’s reserve fund will be abolished, according to the final edition of the 2019 state budget bill. It is noteworthy that under the initial bill, the President’s reserve fund was to be financed by 5 million GEL. Furthermore, the new administration of the Georgian President will cut expenses by about 4 million GEL in 2019.

Number of Microfinance Organizations Decline by 15.2% Number of microfinance organizations that are registered at National Bank of Georgia (NBG) decreased by 3 ones, while the number of currency exchange booths declined by 21 ones. Moreover, one service centre of a commercial bank was also closed.

The Editorial Board Follows Press Freedom Principles Publisher: LLC Caucasian Business Week - CBW Director: Levan Beglarishvili WWW.CBW.GE Address: Aleksidze Street 1 Sales: Mob: +995 591 01 39 36 Email: caucasianbusiness@gmail.com Editor: Nutsa Galumashvili. Mobile phone: 595 380382 Copy Editor: Ellie Rambo Reporters: Nina Gomarteli; Mariam Kopaliani; Merab Janiashvili, Economic columnist: Andria Gvidiani; Technical Assistant: Giorgi Kheladze;

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Pre-Election Period Brought Positive Effect for Economic Growth Georgian Economy Grew by 6.7% in October 2018 According to preliminary indicators of Geostat, the national statistics service of Georgia, as compared to October 2017, Georgian economic growth made up 6.7%.

In January-October the economic growth pace constituted 5.1%.

According to Geostat, exports of goods rose by 15% year on year and constituted 303 million USD. Revenues from tourism sector rose by 14.1% and amounted to 246 million USD. Net money transfers rose by 11% to 116 million USD. Turnover of registered enterprises increased by 13.9%.

This October recorded a diversification of economic growth in almost all sectors, Ekaterine Mikabadze, Deputy Minister of Economy and Sustainable Development noted.

According to the Deputy Minister, significant growth was recorded in processing industry, development, transport, finance sectors, real estate, commerce and other sectors. The economic growth accelerated thanks to improved foreign trade indicators, namely, October recorded 15% upturn in exports to 303 million USD, while revenues from tourism sector increased by 14.1% and amounted to 246 million USD. “Other factors driving the growth were also improved. Net money transfers indicator rose by 11% and it amounted to 116 million USD. Money transfers constitute one of the key components of domestic demand.

Consequently, its growth makes positive effect on economic growth” Ekaterine Mikabadze said.

The Deputy Minister of Economy and Sustainable Development has made focus on turnover indicator of Georgia-incorporated companies, which has grown by 13.9% year on year.

Business Ombudsman of Georgia Irakli Lekvinadze also makes emphasis on the growing activity of the business sector, which has made major contribution to the 6.7% upturn. All these efforts were reflected in growing trade operations, importsexports.

The business ombudsman also names factors that promote business activities and noted that, in terms of doing business, Georgia is

considered the best place in the region and this consideration is proved by the Doing Business rating of the World Bank (WB).

“Tax level, labour value, free trade agreements, general condition in the country providing maximum comfort for business sector, combination of all these factors ensure growth. I hope the mentioned process will be continued and businessrelated initiatives will be optimized and agreed with the business sector so as the private sector have foreseeable environment for planning long-term activities”, Irakli Lekvinadze noted.

As to the 2019 forecasts, according to the parliament’s budget committee, in 2019 the real GDP growth pace forecast will be 4.7%, while in 2019-2022 the averaged growth will be 5.2%.

The introduced forecast for real GDP growth (4.7%) exceeds the government’s economic growth forecast by 0.2% (4.5%) and is lower by 0.8% compared to the 2018 June forecast indicator published by the budget committee.

According to the budget office, the mentioned dynamics, compared to the forecast indicator, is based on two key factors: in the second half of 2018, external economic environment has not improved essentially and the economic growth forecasts of key trade partner countries will mainly decline in 2019. Moreover, the budget office has appraised New Regulations for Issuing Retail Loans initiated

by National Bank of Georgia (NBG).

Based on the initiated restrictions, crediting of the national economy and the total consumption are expected to decline.

According to the forecast by the parliament’s budget office, in 2019 the expected deficit of the current account will be 9.5% in GDP, while the analogical indicator introduced by the Government will constitute 8.5%.

It is noteworthy that in 2017 Georgian economy grew by 5%. As to 2018, the Government forecasts 5% upturn, International Monetary Fund (IMF) forecasts 5.5% growth and the World Bank (WB) – 4.5% progress.

By Merab Janiashvili

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Apartment Prices to Hike starting January 2019 Tbilisi City Hall has introduced several new regulations in development sector, including amendments to the Labour Safety Law, arranging technical supervision on construction sites, tightening firefighting regulations and so on.

Tbilisi Mayor Kakha Kaladze has also noted that the municipality will continue working on this direction and introduce new regulations into the development business.

The Caucasus Business Week (CBW) has inquired what has changed over the past period on the real estate market after introduction of new labour safety norms.

The development sector representatives talk about new regulations. They assert that the law enforced on January 1, 2017, raised construction tariffs now and apartment prices will further rise in the near future.

Bezhan Tsakadze, founder of GDG+ development company explains that the firefighting regulations were introduced in 2017, all apartments and multi-storeyed buildings were recommended to satisfy firefighting standards. As a result, the prime cost of apartments increased.

“New regulations will make apartment more expensive. The prices will increase by about 5%-7% for each square meter”, Tsakadze noted.

Starting 2019 the price of new apartments per square meter are expected to rise by 100-120 USD, Tornike Abuladze, director of ARCI development company, noted.

The matter is of government resolution N41 enforced on January 1, 2017, which regulates the building safety requirements such as appropriate designing of exits, protection of fire and other hazards, arranging staircases and elevators with due standards and so on. Abuladze stated that the development business will reap results of the mentioned technical regulations now.

“Project approved based on the mentioned regulations will be put out for sales now. This is a key reason for raising prices. Currently, old approved projects are being sold out and new projects will be more expensive compared to previous ones. Previously, 90% were old projects, but now the situation has changed. In the first quarter of 2019 this was very sensitive and the price per square meter may rise by 100 USD. However, the sector faces other problems too, and developers are expected to raise the price per square meter by 120 USD”, Abuladze said.

As to specific problems in the development business, Abuladze explains that building licenses are issued in delay.

“Certain regulations protract the process. But it should be noted that the business is able to get adapted to everything, because this will bring positive results in long-term perspective”, Abuladze noted.

This regulation is related to extra expenses, but its enforcement is a correct decision, he said.

Malkhaz Kunelauri, project manager for REDCO development company, supposes that apartment prices will rise after January 2019. There are several factors, including government resolution N41, ecological expertise, transport studies and so on. “The growth scales should be calculated”, Kunelauri noted.

Archil Jakeli, founder of Iveroni development company, explains that starting 2019 development projects will rise in price, but specific figures are unknown. The increased tariffs will include appropriate designing of exits, protection from fire and other hazards, arranging staircases and elevators due to standards, ecological expertise and transport studies.

Development sector expert Niko Kakhetelidze explains that the new regulations grow the prime cost and apartment prices. Nevertheless, we will not see catastrophic hikes, he added.

“Developers will try to raise apartment price on seeing growing prime costs. As to the growth scales, this is individual factor. I think developers exaggerate evaluations.

This is a computable component and they should not make speculations.

They want to provoke noise on the market. Customers paying 100 000 USD for an apartment will add 3 000 USD without problem. It is another aspect what we will have in result”, Kakhetelidze noted.

This government has taken this decision in delay. This is necessary norm, he said. “we have chaotical situation on the market and conflagrations have sacrificed many citizens. In seeking profits developers used to ignore many reasonable standards, while safety is the cornerstone”, Kakhetelidze said. ‘ Under the technical regulations enforced on January 1, 2017 architects are obliged to design projects in line with due firefighting regulations and standards.

Etia Chikadze: "PR Field has no Borders, Limits and Rules" Interview with Etia Chikadze, Public Relations Manager of "Medical Associations of Georgia".

Why did you decide to enter this field and what kind of opportunities does it give in terms of career growth?

It all went itself almost 20 years ago, I was actively involved in journalism back then, it was a profession I dreamed of as a child.

Public Relations was a ‘’New Fruit’’ for me, and a new challenge. I’ve been considering it for an year, whether transit myself from journalism or not. One year later, when I got the second proposal, I didn’t hesitate. That’s how it became my lifestyle. I can’t think of any profession, that can be such interesting, gambling and cognitive.

What is it necessary to hold successful communication?

Unity of several skills courses success of communication. First of all, a skill of communication, defining focus groups, knowing their necessities, sharing information correctly, and analyzing feedback.

It’s like a constant chain.

Three tips you would give to someone starting out in this field.

I don’t think there is any advice, besides the feeling that you belong to this, as well as you want it as your lifestyle. You know it’s right when you’re in a hurry of waking

up to finish the incomplete task from the day before. This field has no boundaries, limits or any rules.

Describe your typical work week.

There is no ‘’work week’’ and ‘’weekend’’ with classical understanding of these phrases. We have a plan, that can be changed every day and I’m always ready for that.

There are weekly, monthly or 3-month plans, that comes along with another task daily.

What has changed in PR industry within 5 years?

PR industry turned out one of the fast-growing fields, and not only during 5 years. However, if we think of changes, social channels played a leading role. Social media deleted borders and made communication far more simple and oriented in time.

How would you go about finding relevant contacts and sources?

It happens by itself and quite simply if you have set your task and communication strategy appropriately. Sometimes you only need to ‘’knock on the right door’’, not be afraid of failure and be daring.

Name the skills that PR Manager needs.

Perhaps it’s the same as a repre-

sentative of any field: love for your profession, constant self-education in your field, that’s consist of several sciences. Still, there are no ready recipes.

It’s better to put it this way, there are successful PR campaigns conducted by right researches, used by instruments and played in team.

What are some of the growing trends in the public relations industry?

Social marketing turned over everything. Communication is fast, mobile, filled with more visual effects and most importantly, it gives an opportunity customer to be involved in the process, like one of us. Last but not least, rapid feedback, which analysis defines correct management of the campaign. Although, all these are more efficient if direct communication adds up.

What are your predictions about the PR industry, what changes and challenges will it face in 5-10 years?

It develops so rapidly, that we might face crucial amendments.

More changes mean more ‘’luxury’’ and challenges for the representatives of this field.

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Business News Radisson Collection Tsinandali Estate Hotel named as Best Hotel Project of the Year at EEA Awards

Parliament to Ban Payments for Foreign Online Gambling Games by Georgian Cards Parliament of Georgia plans to introduce regulations in the gambling business to alleviate heavy social environment.

According to reliable sources, the new bill will ban both outdoor and TV advertisements of gambling game.

Radisson Collection Tsinandali Estate Hotel honored at the 2018 Eastern Europe Real Estate Project Awards, which took place in Ukraine and announced as the “Best Hotel Project of the Year”.

Famous Italian Architect Michele De Lucchi held Masterclass on Architecture of Future “m² Real Estate” hosted the famous Italian architect at the Rooms Hotel Tbilisi. Michele De Lucchi held a masterclass on “Architecture of Future”.

U.S. Hospitality Guru Believes That Georgia is Changing Dramatically

Sheraton Grand Tbilisi Metechi Palace Opens Up to 250 Employment Opportunities Sheraton Grand Tbilisi Metechi Palace will hold its Job Fair on December 9, 2018 in Tbilisi Sakrebulo, 2 Tavisufleba square from 10:0020:00. On this day, the hotel leadership team would like to welcome, all individuals who are interested in making the step into the vibrant hospitality business.

McInerney Hospitality International, a full-service hotel management company from the United States, will manage the Wyndham Grand hotel in Tbilisi. The company took up the job when Wyndham Grand replaced Rixos as the hotel’s operating brand. Kate Tabatadze, Managing Partner at Property Georgia, spoke to the President and CEO of McInerney Hospitality International Joseph McInerney, who sees big potential in Georgia’s hospitality sector.

Renew – Georgian Clothing Brand Created for Sophisticated Women “Renew” is a Georgian brand of clothing that has been on the market for 5 years. The designer Tekle Khakhubia leads her business independently. It is noteworthy that the young designer is the mother of 5 children, and as she says, it is even more helpful to get her job done more responsibly and to stay motivated.

11 Companies come Together to Increase their Competitiveness Recently, 11 companies representing Georgia’s information and communications technology (ICT) sector came together to create a business cluster to increase their competitiveness.

78 million Bottles of Georgian Wine Exported to 53 Countries According to LEPL National Wine Agency, in January-November 2018, up to 78mil. bottles (0,75l) of wine have been exported to 53 countries worldwide, that is 11% higher than the similar data of 2017.

AI Laboratory at BTU- Future Technology Implemented by Mercedes Benz Official Representation The Artificial Intelligence Laboratory was opened with the financing of Mercedes Benz in Georgia.

Maia Tsereteli: Location of Wyndhan Grand Hotel is Museum Quarter I believe that Wyndham Grand is going to be an iconic brand for Tbilisi. With prime locations already taken up by international brands, you cannot ask for a better location in the city. The location is on Freedom Square, adjacent to the National Museum, the National Library, as well as the best cafes and shopping centers.

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Maia Khetsuriani: "94 mln Patients Worldwide Treated with Servier Medicines Daily" Company ‘Servier’ has been functioning on the Georgian pharmaceutical market for 15 years, having been established in France in 1954 and opening offices in numerous other countries thereafter. The General Manager of Servier Representative office in Georgia, Maia Khetsuriani, spoke to us about the achievements and successes of the company.

“These past 15 years of having Servier on the Georgian pharmaceutical market have been interesting, colourful and full of challenges,” she told us. “Since 2003, the company has gone through multiple levels of development. Our company is focused on the patients’ needs and on distributing the best therapeutic treatments for them. A number of scientific projects have been carried out with medical society which brought important benefits to the development of different fields of medicine in Georgia and to the patients in an increase in access to high quality medicines.”

Maia Khetsuriani goes on to note that Servier-Georgia is associated with high quality, innovation and progress, and highlights that 94 patients worldwide use Servier drugs every day.

“Servier has kept its strong position on the Georgian pharmaceutical market for 15 years, giving Georgian patients access to effective medical treatment.

I believe this is the main feature of the success of the company.”

She also highlights the dedicated Georgian team, “outstanding” both in its professional characteristics and united spirit as it seeks innovation.

“Servier has 4 corporate values: Dare to innovate, taking care of each other and the patients, share for professional growth and commit to succeed. I think the Georgian office of Servier integrates all four,” Khetsuriani notes.

What are the major strengths of the company that keep it in place on the market and consistently developing?

The first and most vital fact is that our company is oriented on the research sector and invests 25% of its income (one of the highest indicators in the pharmaceutical sphere) in research and the investigation of new molecules.

It has 16 research centres worldwide.

In 2002, the company won the Galien Prize in recognition of its’ creativity in Research. As a result, Servier medicines are differentiated by high efficiency and safety profile of the treatment. Today, Servier works in five therapeutic spheres: cardiology, endocrinology, angiology, neurology and already in oncology.

Servier drugs represent an effective weapon in doctors’ hands for managing number of diseases with effective reduction of symptoms, improvement patients’ quality of life and depending on disease reducing risk of life threatening compilations. The need for such medical treatment is high for both doctors and patients.

Why did servier choose to open an office in Georgia in 2003?

It’s hard for me to name one major reason. It’s the strategy of the company to develop internationally and establish representations in different countries.

The first Servier office to be opened outside France was in London in 1964.

After that, multiple offices were added annually. Today, Servier operates in 149 countries, with 21,700 employees.

The Georgian office, with 42 employees, is one member of this big family.

I’m proud that our office has managed to gain an important position in Georgia and within our company. The proof of it is that with the support of

Georgian Medical society and French Head office, there has been lots of scientific projects conducted. One of the last was held in Batumi: 13 international experts participated in the Black Sea Phlebology Meeting. It was a combination of experience-sharing for Georgian doctors and recognition of the country and the specialists of this sphere for the further organization of similar meetings.

What have been the main obstacles during your 15 years of development?

I don’t believe it’s possible to develop and achieve success without obstacles.

When they have already been overcome, there is no difficulty, and then it is more of a challenge. And there were a lot of challenges during these 15 years.

Where and how you see servier in the next 15 years?

Servier strives for permanent development, while dare to innovate is main moto of the company. Servier made acquisition of Shire Oncology business and created new subsidiary in USA. Servier has signed partnerships with private and public actors, such as Harvard and University of San Francisco. A new research centre with a bio innovation direction has also been established in Boston.

Today, Servier is well-known for its’ presence in Cardiology, Angiology and Endocrinology. Company objective is to launch one new molecular entity every 3 years and also to become a key player in oncology. Looking to the past what was done and company current dedication, I believe that is real future.

Speaking about Georgian office, I am sure we will face new challenges in the changing environment and hope that with the strong values and great will, we’ll reach new levels of development.

Giorgi Donadze: “Choirmaster’s Schools Were & Are a Priority” 10 December 12, 2018 #264

The State Folklore Center of Georgia works in the following directions: Georgian folk music, Georgian traditional chant, oral folklore, choreography, fine and applied arts.

The Choirmaster’s School, one of the most significant projects carried out

by the Center, which includes setting up and running choir mastery schools in the regions of Georgia, is ongoing and this year has seen the opening of a school in Tsageri Cultural Center.

The existence of choirmaster’s schools is extremely important for the

preservation and popularization of traditional Georgian music. Study of traditional chanting is free and only experienced specialists are employed and trained. Supported by the local governments of the regions, these schools remain one of the major priorities of the Center and there are now 21 ‘choirmaster’s schools’ functioning in Georgia serving more than 800 students.

“The choirmaster’s schools were and are our priority. We started preparing in 2014, and in 2015 the first school was opened in Khobi, followed by a number of other regions. There will be 24 ‘choirmaster’s schools by the end of 2019. We believe youth mastering the language of traditional Georgian music in our schools, will soon make their statement for the development and promotion of this sphere. Currently, almost all the ensembles are based in Tbilisi, while earlier the situation was the reverse. We have to send the masters of ‘Krimanchuli’ to Guria from Tbilisi! We want professionals in the regions. Ozurgeti has a large, well-equipped folklore center, with concert and exhibition halls and recording studios. It was made to bring the experts back from Tbilisi to the regions” noted Donadze, the Executive Director of the State Folklore Center of Georgia.

Professionals working in the sphere note the importance of such schools

for raising national awareness and intensifying the preservation of identity. Likened to the Society for the Spread of Literacy among Georgians, it passes on the Georgian traditions of singing and chanting to future generations. In already existing schools, polyphonic singing and chanting are taught. In future there will also be oral folklore, choreography, fine and applied arts departments.

In 2015, on the initiative of the Georgian government and the Ministry of Culture of Georgia, the State Folklore Center of Georgia started creating choirmaster’s schools in various municipal centers and self-governed towns throughout Georgia, with the aim of preserving and promoting Georgian traditional polyphonic singing, proclaimed by UNESCO as a masterpiece of Intangible Cultural Heritage of Humanity in 2001. In 2016 all the ‘choirmaster’s schools’ received musical instruments and equipment and infrastructure was renovated. The main objective of the State Folklore Center is to research folklore material, record, create archives and enrich databases.

GWS Showcases Famous Premium Wines of TAMADA Line On November 28, Georgian Wines and Spirits Company (GWS) showcased premium wines of TAMADA line, TAMADA Grand Reserve and TAMADA Qvevri in the Georgian National Museum. The event was attended by the representatives of GWS Company, more than 30 chefs, sommeliers and partner organizations of the company.

The Brand Manager of GWS Salome Dolidze presented premium wines to the guests.

The premium brand TAMADA of GWS is closely related to art. GWS has been the partner of the Georgian National Museum since 2014.

TAMADA is a historical brand and comprises a diversified portfolio of dry and semi-sweet wines. “It stands out with a clearly expressed character which is one of the most important characteristics of the Georgian ‘Supra’,” Dolidze said.

The Executive Director of GWS, Phillipe Lespi, also addressed the audience and focused on the excellent reputation of TAMADA on the international market, noting that a famous work of Niko Pirsomani is displayed on the TAMADA bottle label. “Our brand values Pirosmani and his works, as clearly seen on the TAMADA bottle label, where his outstanding painting “Feast of Five Princes” is displayed. The fact that

TAMADA was exclusively presented on the opening ceremony of the exhibition of the prominent Georgian painter Niko Pirosmani at the Vienna Albertina Museum, dedicated to the 100th year of the artist’s demise, was a great responsibility and honor for us. The gala dinner was attended by almost 250 guests,” stated Lespi. The French viticulturist noted with a special pride that it was exactly that day he became familiar with Georgia, as the producer of the premium quality wine.

At the end of the event, the guests of GWS tasted the premium line wines with special courses and discussed the importance of Georgian wines and dishes.

TAMADA was founded 2001, and since then has gained multiple golden medals within the frames of international wine festivals.

TAMADA Brand portfolio includes 7 types of wines from Appellation of Controlled Origin (Tsinandali; Tvishi; Mukuzani; Napareuli; Kindzmarauli; Khvanchkara; Akhasheni). It unites the unique characteristics of Georgian ‘Supra’.

GWS is one of the oldest and bestknown wine factories in Georgia, established in 1993 in Telavi and created on the “Telavi 2” base, the oldest wine factory founded in 1976.

Today, GWS owns 350 hectares of vineyards, the majority of them 15-25

years old. 280 of them are red grapes and the remaining 120 belong to white varieties. 70% of production is devoted to Georgian traditional grape varieties, and 30% to international varieties. The company produces wine, sparkling

wine and high alcoholic products, such as Tamada, Old Tbilisi, Admanti, Vismino and Elibo. Soon, customers will be able to enjoy wine produced using biotechnology methods from the company’s vineyards.

World News

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Qatar is Leaving OPEC From 2019 The small, gas-rich state of Qatar said Monday that it will leave the oil cartel on January 1 after nearly 60 years of membership. The country’s state oil company, Qatar Petroleum, made the announcement in a series of tweets.

Trade Turnover between Azerbaijan and Georgia hit $450 mln Azerbaijan and Georgia maintain high-level relations in all spheres, especially in economic field. Two countries have already taken initiatives for global projects in the region together for a long time. Close bilateral ties play a key role in the development of regional cooperation.

Elon Musk Says People Need to Work around 80 hours per Week to Change the World Elon Musk said on Monday via Twitter that people need to work from around 80 to over 100 hours per week to "change the world."

"There are way easier places to work, but nobody ever changed the world on 40 hours a week," Musk said, referring to the four companies — Tesla, SpaceX, The Boring Company, and Neuralink — where he serves as CEO.

Russia Business Enterprise Plans to Invest up to $340mln in Armenia Armenia’s Acting Deputy Prime Minister Tigran Avinyan received director Sergey Sopin of Ekotexprom company of Russia.

Turkey's Akbank to Increase Capital, Shares down 5 pct Akbank will receive 3 billion lira ($558 million) in proceeds from the issue which is to be used to improve its capital base and solvency ratios, the bank said in a stock exchange filing.

Kazakhstan Launches International Investment Forum The 6th International Investment Forum Aktobe Invest has been launched in the Kazakh city of Aktobe, Trend reports citing the Kazakh media.

Walmart is Acquiring the World's Largest Online Seller of Art Walmart is acquiring the world's largest online seller of art.

Japan's SMBC allocates $100M for Uzbekistan to Boost Internet Speed Dubai Launches the World's First Sail-thru Supermarket Majid Al Futtaim has unveiled Carrefour Bites and More by the Shore to serve customers on yachts, jet-skis and on three selected beaches in Dubai.

The National Bank of Uzbekistan (NBU) and Japan’s Sumitomo Mitsui Banking Corporation (SMBC) signed a cooperation agreement in the amount of $100 million, Trend reports referring to the press service of the Uzbek bank.

Karavela tents Karavela is a georgian brand creating handmade tents for kids and brightens up their everyday lives. Playing in tents has important impact on children. Kids love having their own space to read books, play with siblings and friends or spend time alone with toys.

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