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Issue #767

22.05.15 - 28.05.15

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Young Professionals and Students Discuss Future of Caucasus at EBRD Closing Ceremony

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Author:  Baia Dzagnidze

The EBRD Annual Meeting and Business Forum in Tbilisi closed with a special event focusing on the thoughts of future leaders and decision-makers from the region. Together with the Free University of Tbilisi, the Tbilisi State University, the American University of Armenia and the ADA University of Azerbaijan, the EBRD launched an essay competition entitled Tbilisi 2015/Caucasus 2051- A History of Our Future: Our Fears, Our Hopes, Our Lives in which the winners discussed their ideas on how to make the region a better place.

Natalia Antelava, journalist and TV presenter, noted that Georgia is not doing enough in many areas. She gave the example of the government’s initiative of Georgia 2020, noting that “future should be today and now.” She also added that the young generation in the Caucasus region has more options and more opportunities than before, but also more responsibilities compared to previous generations.  

David Abesadze of TSU stated in his essay that the fate of Sisyphus (by Albert Camus) is similar to the fate of Georgia, who inexhaustibly fights for its freedom. “You have to try and try again, despite success or failure. The future is the result of what we try today” he asserted.

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Euro-standard Hypermarket ‘Domino’ Opens at East Point

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Georgia’s first euro-format construction hypermarket Domino officially opened at the new East Point trade and entertainment centre on Kakheti Highway (Tvalchrelidze str, 2) this week. The event was attended by Mayor Narmania; General Manager of CBD Development, Tomas Gizas; and Deputy Minister of Economy, Keti Borjorishvili.

The Domino hypermarket, spread across a massive 11,500 sqm, offers more than 40,000 products for construction and renovation: roofing, laminate flooring, floor and wall tiles, plumbing and central heating equipment, furniture, lighting, hand tools, paint, chemicals, and everything else you might need in home dйcor supplies.

Clients can get euro quality service when making purchases, all in the comfort of one space. You will find the hypermarket staff highly qualified and well trained and, if needed, you can consult with professional interiors designers, who will help you to make the right choices when (re)designing your home. Delivery is also available.

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Leading Marketers at Spotlight 2015

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Author:  Eka Karsaulidze

Imagine you have only 13 minutes to talk about the most important things. Are you going to talk about the success of your company, or your own great achievements or biggest failures? Fourteen Georgia marketers will take this difficult challenge for the third time. On the eve of the main marketing event Spotlight 2015, which will take place in Tbilisi on May 24, Georgia Today tried to find out who those people will be and why the interest in marketing has grown over the past few years.

“Our main goal is to develop Georgian marketing. We set this mission when creating the Marketer online magazine and Spotlight is one of the tools to achieve this goal. As it turned out, it became a wildly popular event,” said Nino Akhalaia, Manager of Spotlight.

The first Spotlight was held in 2013 based on the well-known TED (Technology Entertainment Design) example. The main idea is to allow marketing representatives to speak about their achievement for just 13 minutes. Not much time, but enough to focus only on the most important details.

Moreover, Spotlight is the only place in Georgia where people from the marketing environment can meet, exchange experiences, assess each other’s work, establish communication and create joint projects that helps to develop marketing throughout the country.

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Coming Soon: Georgia’s Very First Wind Park

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Author:  Beqa Kirtava

The Government of Georgia and the European Bank for Reconstruction and Development (EBRD) have signed the initial agreement of cooperation on the upcoming wind park project in Gori.

The document was signed during the 2015 EBRD Annual Meeting in Tbilisi, in the presence of Deputy Prime Minister and Minister of Energy, Kakha Kaladze; EBRD Managing Director for Energy and Natural Resources, Riccardo Puliti; Giorgi Bezhuashvili, Director of the Georgian Energy Development Fund and Aida Sitdikova, EBRD Director for Energy and Natural Resources in Russia and Central Asia.

“Georgia is becoming successful at developing domestic renewable energy sources, thus reducing imports of power generated by fossil fuels. This is important in terms of energy security as well as climate change. After investing €312 million in hydropower generation, we are hoping to make another renewable source – wind – attractive for investors,” stated EBRD Managing Director for Energy and Natural Resources, Riccardo Puliti, after the signing.

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Report: Firms Need to Introduce Innovations Frequently

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Author:  Baia Dzagnidze

Aiming to help companies to better absorb foreign technologies and improve management techniques, the Adopt, Adapt, Advance: Innovating for the Future panel at EBRD’s Annual Meeting was held last week in Tbilisi, which brought together representatives of business, academia and experts to explore various options.

According to the Transition Report 2014, Innovation in Transition, individual companies’ innovations can help to establish new growth drivers and recuperate transition in the EBRD region. “Returns to innovation are sizeable in all industries – including in low-tech sectors, where firms tend to innovate less. In addition, many firms can boost their productivity by simply improving the way they are managed,” the report explained, adding that a 40% average increase in productivity is associated with improved management practices in Eastern Europe and the Caucasus, while a 43% average increase in productivity is linked with introducing a new product.

The report also shows that firms innovate more in countries with better core economic institutions where there is low corruption, a strong rule of law, openness to trade and investment and a highly skilled workforce. Furthermore, ease of access to credit conditions by banks was named an important factor in innovation.

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Arabian Dhabi Group Makes Extra $250 million Investment in Georgia

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Author:  Nino Melikishvili

Arab investment company Dhabi Group has increased its investment portfolio in Georgia by 35 percent to make an additional $250 million investment.

KSB bank was one of the investments of Dhabi Group, the largest company in Georgia and the leading business group in the UAE, operating in many spheres of business. Dhabi Group committed to offer additional funding to two projects.

This extra investment would further support KSB bank as well as the construction of the 5-star Millennium Biltmore Hotel complex in Tbilisi, which is one of the world’s largest owned-and-managed hotel companies with more than 120 properties around the world.

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Hotel Citrus – A Refreshing Change

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Author:  Beqa Kirtava

Although the Georgian hospitality market is mainly dominated by gigantic luxury hotels, the trend of opening smaller inns seems to be gearing up in the country, as more and more tourists place serenity above all else. One of the proud representatives of the smaller hotel family is Hotel Citrus, which is located in the calmest place in the capital within walking distance from Freedom Square – Tbilisi City’s beating heart, where museums, restaurants and official fashion boutiques such as Versace, Burberry and others are located. Citrus is run by a man who has opened a total of 16 hotels, having every single bit of experience needed to take any hotel to the top, Shalva Alaverdashvili.

Hotel Citrus was opened on April 24, 2015, with co-financing from Tbilisi City Hall within the framework of the “Low Credit” project; a total investment of 3.5 million GEL. According to the General Manager, Hotel Citrus has many advantages over its bigger competitors – “Many brands cannot sell their rooms under the minimum price, while we will be able to adjust the costs to our customers, if it is a particularly beneficial deal,” said Alaverdashvili in an exclusive interview with Georgia Today. “Furthermore, we will be the first hotel to actually take advantage of the existing balneology center in the capital and offer our clients various packages. I have a lot of experience in the aforementioned field, as I worked in Borjomi for quite some time and I want the people who are interested in balneotherapy to come to Tbilisi as well.”

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Memorandum Signed between AS Georgia and TBC Bank

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A partnership memorandum was signed between “AS Georgia” and TBC Bank, the daughter company of the international development holding “AS Group Investment”, regarding the “DIRSI” project. Based on the memorandum, new conditions will make newly-built apartment complexes in Transcaucasia more accessible.

In the frames of the joint project, consumers will have the ability to purchase an apartment in a completed “DIRSI” complex through TBC Bank’s mortgage rates and take advantage of accessible conditions, which include co-financing of just 15%, a long-term payment plan, and a preferential interest rate.

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