Category: Business

Galt & Taggart has released its latest report on Georgian tourism revenue, revealing a substantial increase in earnings for 2024. Between January and September, Georgia’s tourism sector generated USD 3.6 billion, marking an 11.3% rise compared to the previous year. The month of September alone saw revenues of USD 470 million. The investment institution projects that total tourism earnings will reach USD 4.4 billion by the end of the year,…

The Tbilisi Transport Company has reported a significant financial loss of GEL 70 million for the year 2023. Despite an 18% increase in total revenue, reaching approximately GEL 307 million, the company’s expenses outpaced its income, leading to this substantial deficit. The financial report, shared with the Ministry of Finance, highlights the challenges faced by the municipal transportation provider in balancing growth and operational costs. Financial Struggles Amid Growth The…

Boeing has granted additional time for the union representing 33,000 striking workers to vote on its latest contract proposal. The aerospace giant’s “best and final” offer, which includes a 30% pay raise over four years, has been met with resistance from the union members. The union, which initially demanded a 40% raise over three years, has criticized Boeing for not engaging in further negotiations and for presenting an offer that…

Flitt, a fintech company and a member of the TBC Group, has launched an innovative international payment platform designed to simplify and secure end-to-end payment management for businesses. This platform integrates various payment methods into one seamless system, eliminating the need for separate integrations. With seven years of experience in the international market, Flitt aims to provide businesses with the tools they need to manage online payments efficiently and securely…

Luca Polare, the renowned Georgian ice cream and coffee chain, has recently expanded its presence in Azerbaijan by opening a new branch in Baku. This marks the sixth location for the brand in Azerbaijan, reflecting its growing popularity and commitment to providing high-quality products. The new branch, which required an investment of USD 50,000, is part of Luca Polare’s broader strategy to increase its footprint in the region. The company…

The Women in Business Economic Forum recently took place in Tbilisi, Georgia, bringing together influential women entrepreneurs, government officials, and industry leaders. Organized by the local business association ‘Women for Tomorrow’ with support from Gazelle Finance and Visa, the forum aimed to address regional challenges and promote women’s economic empowerment. The event highlighted the significant strides made in women’s entrepreneurship and provided a platform for sharing insights and fostering collaboration.…

Zarapkhana, a renowned jewelry manufacturing company, is set to make a significant leap by launching a new branch in Europe. This expansion marks a pivotal moment for the company, which has been a staple in the Georgian market for years. The move aims to bring Georgian cultural heritage and exquisite craftsmanship to a broader audience, enhancing the brand’s international presence. Tornike Samkharadze, the Executive Director, shared insights into this strategic…

The Institute for Development of Freedom of Information (IDFI) has reported a significant increase in the number of Russian-owned companies in Georgia, reaching a historical maximum. As of June 1, 2024, approximately 37,400 companies in Georgia are owned by Russian citizens, including 494 Georgian-Russian dual citizens. This surge, with more than 30,000 companies registered after 2022, is attributed to the influx of Russian migrants following the Russia-Ukraine war. The presence…

McDonald’s is set to expand its presence in Tbilisi, Georgia, with the opening of two new restaurants. The new branches, located on Gotua Street and Vazha-Pshavela Avenue, represent a significant investment in the local economy and are expected to enhance the dining experience for residents and visitors alike. The Gotua Street branch, which is already welcoming customers, will officially open on October 1, the same day the Vazha-Pshavela unit holds…

The number of Russian companies in Georgia has reached an unprecedented level, according to a recent study by the Institute for the Development of Freedom of Information (IDFI). As of June 1, 2024, approximately 37,400 companies in Georgia are owned by Russian citizens, with over 30,000 of these companies registered after 2022. This surge is largely attributed to the influx of Russian migrants following the Russia-Ukraine war. The significant presence…