| Azerbaijan’s $34 billion state oil fund plans to spend about $1 billion on real estate abroad this year, mainly in Asia and Australia, as it further diversifies a broad portfolio of foreign assets.
The state oil fund uses investment proceeds to help finance social spending and infrastructure projects. It transferred 7.04 billion manats ($9 billion) to the Azeri state budget in the first nine months of last year. The fund spent $600 million on real estate in Europe in 2012, buying office blocks in central London and Paris and a shopping complex in Moscow...............................................Full Article: Source
|