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Monthly Archives: September 2014

“Macro Construction” Enters Development Market with “Green Budapest” Project

“Macro Construction” company enters the Georgian  development market with the “Green Budapest” project  with a total value of USD 45 million. A modern design  created for comfort of residents is not the only thing  “Macro Construction” focuses on. The main priority is associated with green color andplanting. The international holding has the ambition to break the stereotype that to live and rest on the nature is possible only  outside the …

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Petrol Price Reduced in Georgia

Georgian large importers of oil products  have reduced a price of fuel by GEL 0.03-0.06. As for WISSOL petrol stations , a consumer can buy Super fuel for GEL  2.29; Premium –  GEL 2.24; Diesel – 2.24; Regular – 2.12 and Euro Regular – GEL 2.07. As for GULF, petrol price reduced by …

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Uninsured Drivers to be Fined from 2015

The head of the Georgian Insurance Supervision Service  Lasha Nikoladze At what stage is the law on a compulsory motor insurance?  The technical side of the issue is already in the final stage – I mean the amount of premiums, limit of losscoverage, the list of basic conditions, etc. Insurance mathematics offered several options, and …

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Billionaire Mashkevich still Interested in Investing in Georgia

The billionaire Alexander Mashkevich  is still interested in investing in Georgia, but plans to do it not through the  Co-investment Fund. The Fund’s  Executive Director George Bachiashvili says that  Alexander Mashkevich is still going to invest in the  pharmaceutical  market in Georgia. Bachiashvili does not divulge details due to the fact that the project will not be carried out by  the Co-investment Fund. According to …

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Private Moneylenders not to be Allowed to Lend in Cash

In the near future, the Association of Banks of Georgia intends to submit to the Parliament and the Ministry of Justice the law prohibiting the private moneylenders to give customers cash loans. It is expected that the law will be initiated by the Ministry of Justice. According to President of the Association of …

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New Regulations to Rise the Cost of TV and Radio Advertising

Regulations are tightening for  TV  and radio advertising. The current legislation allows broadcasters to use 20% of the entire broadcasting grid for advertisements. This means that TV and radio use  4 hours and 48 minutes  for advertising in the 24-hour broadcasting. In addition, broadcasters can use own advertising time as they wish, as a result, …

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Government Actually Bans Land Sales to Foreigners, NGOs Say

Civil society has notes and question marks  with respect to amendments to the law  on “Agricultural Land Ownership”, which imposes new regulations on the sale of land to foreigners. NGOs are dissatisfied with  the government’s draft law and have claims against  the government due to the fact that civil society was not involved in …

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“White Group” Returned Seized Property and Updates Project on the Heroes’ Square

After  a one-year pause,  the construction of the residential building in the center of Tbilisi will beresumed in a few days. Works are carried out by theconstruction company “White Group” which  invested over USD 4 million in the project. According to the company’s chief executive officer George Gonjilashvili,  the company started construction in 2008, but in 2011 they were deprived of  property and t …

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Another Arab Airline Enters Georgian Market

From October 28, another low-cost airline “Air Arabia” will perform  flights from Tbilisi international airport. Flights will be fulfilled twice a week. “Air Arabia” representatives attended the International Aviation  Forum – Routes Silk Road 2014 on July 6-8 . They familiarized with  the possibilities of Georgian aviation, continued and transferred  negotiations with the Union of …

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In World Bank Updated Rating, Georgia still among Low and Lower-middle Income Countries

World Bank classifies the world’s economies based on estimates of gross national income (GNI) per capita (GNI per capital-Atlas Method). According to this indicator, countries are divided into four groups: low-income countries  with unites countries whose GNI per capita (Atlas method) is equal to or below USD 1,035: Bangladesh, Cambodia, Uganda, Haiti, etc.); lower-middle-income countries whose GNI …

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Average Price of Saperavi Hiked by GEL 0.70

According to recent data, in total 80 201 tons of grapes with the total value of GEL  115 271 799were delivered across the country. In particular, in Kvareli-  21 388 tons of grapes worthGEL 34 793 656; in Gurjaani – 20 451 tons worthGEL 31 125 983; in Telavi – 18 444 tons worth GEL24 730 393; in Signaki  – 7 777 tons worth GEL9 267 956; in Lagodekhi – 5 011 tons with the total value of GEL 5 344 123; in Akhmeta – 2 947 tonswith the total value of  GEL 4 091 404; in Sagarejo –2 022 tons with the total value …

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