Category: Business

In a landmark announcement, Georgian Prime Minister Irakli Kobakhidze unveiled plans for the Kulevi Oil Refinery, a $700 million project poised to become the largest private investment in the nation’s history. Located on the picturesque Black Sea coast, this ambitious venture is spearheaded by Black Sea Petroleum, a Tbilisi-based company, and is expected to significantly impact Georgia’s economy. A Game-Changer for the Local Economy The Kulevi Oil Refinery is not…

In an exciting announcement for the region, Georgia’s First Vice Prime Minister Levan Davitashvili revealed plans for a new hotel and residence complex in Tsikhisdziri, Adjara. This project, developed by the Pullman brand under the Accor Group, is set to create a significant number of jobs and enhance the area’s appeal as a tourist destination. Investment and Economic Impact The ambitious project has already secured $80 million in investments, signaling…

Georgia’s National Statistics Service has revealed concerning figures regarding youth unemployment, indicating that 26.7% of the 576,400 individuals aged 15 to 29 are currently without jobs. This statistic highlights the challenges faced by young people in the labor market and underscores the need for targeted interventions. Labor Force Breakdown The report provides a detailed breakdown of the employment status among the youth demographic: Total Youth in Labor Force: 261.6 thousand Employed…

Visa, a global leader in digital payments, recently hosted its inaugural PR2Peer Empowered by Visa event in Tbilisi, Georgia. The event aimed to bring together Visa’s communications and marketing representatives with partner companies to share insights on ongoing projects, industry trends, and public relations strategies. This interactive seminar provided a platform for professionals to advance their skills, build partnerships, and exchange innovative ideas, reflecting Visa’s commitment to fostering growth and…

Max Mara, the iconic Italian fashion brand, has opened its first store in Tbilisi, Georgia. The grand opening event was attended by high-profile individuals, including the Italian Ambassador to Georgia, Massimiliano D’Antuono, and Nicola Gerber Maramotti, Max Mara’s Global Ambassador and Head of European Store Development. The store, located on Chavchavadze Avenue, showcases a diverse range of luxury clothing and accessories, bringing the brand’s trademark elegance to the Georgian market.…

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…