Azerbaijan-Kuwait investment company set up
The Azerbaijan Investment Company (AIC) and
Turkapital, owned by Islamic lender Kuwait Finance House, signed an
agreement on Monday to establish a joint investment company.
According to the document, inked by the AIC`s Executive Director Afghan Isayev and Turkapital`s Managing Director Fawwaz al-Eissa, the enterprise, being set up as a closed joint-stock company, will work to draw foreign investments to various non-oil sectors, channel funds into local firms and provide financial consulting services.
The company`s capital stock will be $500,000 at the initial stage. Turkapital will hold 75% stake in the CJSC, while AIC maintains 25% of the shares. The capital is to be increased to as much as $20 million within two years.
Isayev said the key goal of the new enterprise is to make investments in the prospective fields of the Azerbaijani economy. The activities to be carried out include real estate and infrastructure projects as well as establishing subsidiaries operating in a multitude of sectors.
According to the document, inked by the AIC`s Executive Director Afghan Isayev and Turkapital`s Managing Director Fawwaz al-Eissa, the enterprise, being set up as a closed joint-stock company, will work to draw foreign investments to various non-oil sectors, channel funds into local firms and provide financial consulting services.
The company`s capital stock will be $500,000 at the initial stage. Turkapital will hold 75% stake in the CJSC, while AIC maintains 25% of the shares. The capital is to be increased to as much as $20 million within two years.
Isayev said the key goal of the new enterprise is to make investments in the prospective fields of the Azerbaijani economy. The activities to be carried out include real estate and infrastructure projects as well as establishing subsidiaries operating in a multitude of sectors.
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