Last update: March 25, 2017 15:13

State Properties to be Offered to Investors at Auction

By Farid Malikov December 26, 2016

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A total of 115 objects considered state property, will be offered to investors during an auction to be held on December 27, the State Committee on Property Issues of the Republic of Azerbaijan reported on November 30th.  

In all, the auction comprises, 24 joint-stock companies, 24 small enterprises and properties, 57 non-residential areas and 10 vehicles. Most of small enterprises will be privatized, together with the lands on which they are located. These enterprises are located in Baku, Ganja, Sumgait, Shirvan, Lankaran, Balakan and other regions.

The companies offered for privatization include such enterprises as Mingachevir plant for production of sand and gravel, Sabunchu enterprise for trade and logistics, Tovuz enterprise of household services and others.

The most expensive among the auctioned objects will be the property complex in Balakan region with the cost of $822,000 and area of 37,602.5 square meters, non-residential areas in Binagadi ($270,000) and Sabail ($264,000) regions.

The third stage of privatization started in the framework of the decree dated May 19, 2016 by Azerbaijani President Ilham Aliyev on additional measures to improve the process of state property privatization, as well as the presidential Decree from July 19, 2016, on some measures to improve the management efficiency and accelerate privatization of state property. The decree defines the acceleration of the state property privatization process as an important direction of the economic policy.

The portal for privatization – privatization.az, launched in July 2016, provides the necessary information about the facilities, their addresses, location, and even initial cost and aims at facilitation of the process. The website is available in two languages - Azerbaijani and English. “Why Azerbaijan is special” section available on the website explains the reasons and advantages of investing in the country.

The privatization process is designed to attract both foreign and local investors, as well as improve the business environment of Azerbaijan.

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