Friday, August 24-September 7, 2007, #162 (1429)

Business Roundup

Georgian Property gets land plot in Tbilisi
The company Georgian Property, which is to construct the Intercontinental hotel in Tbilisi, will get a 347 square meter plot of land on Tbilisi's Kostava Street by direct sale.

Tbilisi Vice-Mayor Mamuka Akhvlediani said the investor will pay a standard price of GEL 500 per square meter. This territory, where Georgian Property plans to build the Intercontinental hotel, previously housed the Ministry of Agriculture.

The investor company paid USD 6 million for the ministry's building. Investments to repair the building will reach USD 35 million. Reconstruction works are expected to end in the first quarter of 2009.

New general director in VTB-Georgia bank
VTB-Georgia bank has a new general director, Yevgeny Nemerinsky; he has already been presented to the National Bank of Georgia.

The decision to appoint Nemerinksy was made at the bank's most recent meeting of shareholders. First vice-president of VTB Vadim Levin and senior vice-president Nikolai Kuznetsov came from Russia to attend the meeting.

Nemerinsky was previously vice-president of VTB-24 bank in Russia.

"I Choose Georgia" international conference to convene in September
Tbilisi will host the international conference "I Choose Georgia" from September 11-13.

The conference will discuss the development of agribusiness, tourism and the financial sector in Georgia.

International financial organizations as well as various Georgian and foreign businesses will participate in the conference.

Kazakhstani company buys hotel complex in Georgia
Kazakhstani company Bargan Development bought out the government's share in a hotel complex on the Black Sea coast for USD 1.7 million.

The company is responsible for reconstructing the complex by the end of 2008; they'll invest USD 3 million in the project.

The complex is in Poti, on 96 000 square meters of land.

Money transfers from abroad up 60 percent
Money transfers from abroad to Georgia reached USD 431 million in the first seven months of 2007, a 60 percent rise over the same period last year.

The National Bank of Georgia reported that most of money transfers-63 percent or USD 272 million-came from Russia.

USD 61 million was transferred from the United States, USD 13 million from Spain, USD 11 million from Austria, USD 10.6 million from Greece, USD 10 million from Ukraine and USD 9 million from Turkey.

National Airlines to conduct regular flights to Batumi
Georgian National Airlines will start regular Tbilisi-Batumi-Tbilisi flights from August 24.

They will fly three times a week, on Monday, Wednesday and Friday.

Passengers will be able to fly on from Batumi to the Ukrainian towns of Kiev, Odessa and Kharkov.


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