Us Business in Georgia 2013

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“Georgia Must Make a Clear Rejection of the Eurasian Customs Union,” AmCham The FINANCIAL

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he gloomy outlook for the European and global economy in 2014 can affect foreign direct investments as well as Georgia’s export potential, Michael Cowgill, AmCham First VicePresident, told The FINANCIAL. In his words, there is some uncer-

tainty about how the new government and the Georgian Dream coalition will function after current Prime Minister Ivanishvili leaves office.

Make a clear rejection of the Eurasian Customs Union and ensure that the strategic assets remain within Georgia’s control, these are one of the main messages delivered by Michael Cowgill, during an interview with The FINAN-

Swiss Investments are Close to USD 200 Millions in Georgia The FINANCIAL

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ollowing the first ever Georgian-Swiss Business Forum the State Secretariat of Switzerland has expressed interest in investing in Georgia. The Forum also attracted foreign investors. As a result more interest has appeared at the Swiss end. The amount of FDI in Georgia from Switzerland has more than

doubled in 2013 in comparison with the same period of last year. The number for the first two quarters of 2013 was USD15,960,000, while for the same period of last year it was USD 6,123,000. “For the next few years FDI is estimated to be USD 500,000,000,” Guenther Baechler, the Swiss Ambassador to Georgia.

Continued on p. 8

U.S. the Most Demanded Study Destination for Georgians, but Not Affordable The FINANCIAL

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he United States is one of the most popular countries for Georgian students to study in. But the statistics show that the number of students studying in the U.S. is very low. The comparably expensive travel costs and high tuition and accommodation fees are the main reasons why Georgian students prefer other countries, Georgian universities offering dual programmes claim.

The number of Georgian stu-

dents that went abroad to study in the academic year 2012-2013 was 216, according to the National Statistics Office of Georgia. Only 14 students went from Georgia to America in 2013.

“Investors are discussing Georgia as an interesting country for business due to its very pro-western outlook and approach, plus being very good for doing business, as well as its high tourism potential,” Alexey Korobkin, Senior Consultant at HVS Consulting and Valuation, told The FINANCIAL. Continued on p. 11

CIAL newspaper.

“Relations with Russia will continue to be difficult. Russia’s attitude towards Georgia could be even more unpredictable following the Sochi Olympics,” Mr. Cowgill said.

Meanwhile the United States continues making significant investments in Georgia.

Continued on p. 2

Paid Info Services Flourishing despite Growth of Internet The FINANCIAL

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nternet development in Georgia has affected the income of the main paid information phone services 118-08 and 118-09, but their revenue is still sufficiently high. The accuracy of the information and convenience of the service requested remain the main advantages of paid information services. The most requested information and services include airline schedules, ticket reservations, cinema/theatre programmes, sales and new arrivals at trading shops, sports scores, and the contact details of various entities.

Continued on p. 5

Georgia Lacks Mid-Range and Budget Hotels, Report States

See on p. 11

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© 2013 The FINANCIAL. Intelligence business publication written expressly for opinion leaders and top business decision-makers

ES INVESTING IN GEORGIA SIES INVESTING INVESTING IN IN GEORGIA GEORGIA

CMYK

2

HEADLINE NEWS & ANALYSIS

FINANCIAL

US Business in Georgia “Georgia Must Make a Clear Rejection of the Eurasian Customs Union,” American Chamber of Commerce

4 November, 2013 | finchannel.com

4 Novemober, 2013

ISSUE: 44 (373) © 2013 INTELLIGENCE GROUP LTD

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The FINANCIAL

By Madona Gasanova

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he gloomy outlook for the European and global economy in 2014 can affect foreign direct investments as well as Georgia’s export potential, Michael Cowgill, AmCham First Vice-President, told The FINANCIAL. In his words, there is some uncertainty about how the new government and the Georgian Dream coalition will function after current Prime Minister Ivanishvili leaves office.

Make a clear rejection of the Eurasian Customs Union and ensure that the strategic assets remain within Georgia’s control, these are one of the main messages delivered by Michael Cowgill, during an interview with The FINANCIAL newspaper.

“Relations with Russia will continue to be difficult. Russia’s attitude towards Georgia could be even more unpredictable following the Sochi Olympics,” Mr. Cowgill said.

Meanwhile the United States continues making significant investments in Georgia.

“The U.S. Millennium Chal-

lenge Compact will begin funding projects from its total compact amount of USD 140 million in the educational sector. In 2014, BP plans to begin the actual expansion of its SCP gas pipeline which will bring a considerable amount of FDI into the country. SEAF plans on investing another USD 20 million in additional projects in Georgia. Although nothing specific as of yet, we are aware of some interest from U.S. companies to participate with the Georgian Government’s new Co-Investment Fund (GCF) in 2014,” said Cowgill.

In November AmCham’s President, Sarah Williamson, will be leading a business delegation to Washington DC. Q. Low corruption has been frequently cited as the main advantage of Georgia’s in attracting investors. Meanwhile, since the October 2012 elections we have witnessed numerous complaints from local businessmen regarding pressure from officials. Do you see significant changes in this regard?

A. First, let me say that there are many advantages that Georgia has for attracting investors, low cor-

ruption being one of them. There is no doubt that much of the mid-level and almost systemic corruption, pervasive before the Rose Revolution, was eradicated under the previous administration. Most of us consider that this previous corruption was in the form of bribes: to Patrol; to expedite normal governmental services; for entrance and grades in the universities, to name just a few. Pressure from officials is a different type of corruption. It is sometimes characterized as elite or high-level corruption which includes favouritism and unnatural monopolies, selective justice (and selective non-justice for competitors) - all of which can occur when the Government becomes too close and either partners or competes with certain businesses in a nontransparent manner. I must say that elite corruption is not unique to Georgia. Who might have been involved or affected by this type of corruption in Georgia is really up to the courts. However, after the October 2012 election, the new Government made it very clear that it has a mandate of being supportive of businesses, but would also serve in a more traditional regulatory role with respect to those busi-

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hkhua Mr. Zviad Poc f ie Editor-in-Ch L IA C N A The FIN ia Tbilisi, Georg 13 October 2, 20 hkhua,

Dear Mr. Poc

s the chance ia appreciate American rg eo G in ) mCham CIAL – Commerce (A l edition of The FINAN of r be am h C ecia The American upcoming 9th annual sp e November 4. th t on or ed h pp is su bl to pu business, Georgia to be US-Georgia to on The Business in ti n te IAL’s at portunities. he FINANC for d future op T s an n es io ts lu it ec d va n oj eatly rrent co cu existing pr th on d bo n an AmCham gr io t, of stmen overview nbiased opin courage inve is greatly en providing an ntion to giving an u to s rt fo ef stors atte to the new s and inve s. magazine’s g insight in th countrie in to US busines bo id t r ov en fo pr m s ge s, ge ra u ta n co va en busines ad d an al ion the mutu able informat promoting ating and l provide valu il w d an , other illumin ed an e d su is welcom to economic an efforts cused on the g INANCIAL’s F fo in e n be h io T it to d to E d t forwar erican suppor We give our ication of the special Am and Georgia, and look bl successful pu lations between the USA re al ci er m m co e project. involved in th Sincerely,

Communication manager: Eka beridze Phone: (+995 577) 57 57 89 Photo Reporter: KHATIA PSUTURI Mailing address: 17 mtskheta Str. Tbilisi, Georgia OFFICE # 4 PHONE: (+995 32) 2 252 275 fax: (+95 32) 2 252 276 E-mail: info@finchannel.com on the web: www.financial.ge daily news: www.finchannel.com

Intelligence Group ltd. 2013

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26907 l.: (995 32) 22 Georgia Te w.globalcompact.ge i, ilis Tb , 05 ww .ge iani St., 01 36a L. Asat www.amcham cham.ge amcham@am

nesses.

Q. What were the main mistakes of the previous government that the new one should not repeat?

A. The new government has already been more willing to involve business associations early in the process of drafting new legislation. The new government must continue to enforce the rule of law and promote an independent judiciary. Similarly, there needs to be the concept of checks and balances between the branches of government. The new government should not compete with private business.

The new government should do all it can to ensure that civil society and constituencies are heard and represented.

Q. How have the political changes of October 2012 affected U.S. companies operating in Georgia?

A. We still have a very favourable business climate, and one which is supported by a very active and engaged U.S. Embassy. As mentioned above, the political changes have served to create a more balanced labour code, further the rule of law and independent judiciary and ensure that the business community is involved in drafting new legislation relevant to the economy. Of course, with any major political change, all companies, not just U.S. companies, have had to work hard to understand what those changes meant to normal operations and investment decisions.

Q. Which new U.S. companies were established in 2013?

A. We are aware of at least 5 new larger U.S. businesses established in Georgia in 2013 in the restaurant & fast food sector(s) and the legal and financial services areas.

SEAF (a U.S. investment fund) invested over USD 20 million in hydropower and retail projects in 2013. The U.S. Overseas Private Investment Corp. (OPIC) provided multi-million USD loans in the tourism (restaurant) and educational (university) sectors.

Q. Many foreigners stated that the existing cohabitation carried a negative impact on investments.

Do you agree with that and will the newly elected president bring stability for foreign investors?

A. Cohabitation created a situation where decisionmakers and investors, including those in the U.S., were receiving mixed messages about the (past/current/future) business climate, political stability etc. resulting in much confusion on the part of potential (and current) investors. We believe that the newly elected president, together with the PM and his ministers, will ensure that the messages about Georgia will be cohesive, coordinated, positive and accurate. To further this concept, AmCham’s President, Sarah Williamson, will be leading a business delegation to DC in November to deliver a similar message to relevant decision-makers.

Q. In 2013, Georgia resumed exporting products to Russia.

Can we consider it a positive sign between the two countries?

A. The return of exports to Russia has been profitable for many businesses and can be viewed as a positive sign between the two countries.

However, we cannot ignore the continuing issues regarding territorial integrity Continued on p. 4

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FINANCIAL HEADLINE NEWS & ANALYSIS

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US Business in Georgia

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From Thieves-in-Law Towards the Rule of Law

by Nino Doghonadze and Yaroslava Babych

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homas Hobbes (15881679) in his Leviathan describes the conditions where “there is no place for Industry; because the fruit thereof is uncertain; and consequently no Culture of the Earth; no Navigation, nor use of the commodities that may be imported by Sea; no commodious Building; no Instruments of moving, and removing such things as require much force; no Knowledge of the face of the Earth; no account of Time; no Arts; no Letters; no Society; and which is worst of all, continual fear, and danger of violent death; And the life of man, solitary, poor, nasty, brutish, and short.”

Most of us take as a given the necessity of strong property rights protection. It is hard to imagine economies that could flourish and develop if security of persons and property conditions are not met.

But do we necessarily need the authority of the government - a ‘state’ - to guarantee property rights? Surprisingly many people nowadays would disagree. While carrying a gun and defending one’s own life and property may seem like a viable alternative to relying on the state for protection, can we fully imagine what happens when the authority of the state seizes to function? Georgia can draw on its own experience to answer this question.

A FAILED STATE

K

utaisi, the hometown of the first author of this article, was a city known for the so called “thievesin-law” until the early 2000s. No business would sustain long without protection provided by Krisha, i.e. an “authority” that would secure the business against crime and other Krishas. It was strongly recommended to stay at home after 6pm, as there was much violence in the streets. Even home was not a safe place. Burglars would not mind to break into an apartment of house for a TV set or a leather coat. Moreover, after the robbery you would typically get a call from an intermediary, trying to sell the robbed item back to you.

Police has usually been out of the game. First of all, victims of crime have rarely been willing to approach the police due to the widespread attitude that a real man should solve own problems himself and not deal with the “dogs” (a slang for “policemen”). Second, police has been quite closely cooperating with instead of fighting against the criminal society. Consequently, when thinking about rule of law violation, the first thing that comes to mind are those dark 1990’s. It has not been just Kutaisi, organized crime affected (in some of them it still does) citizens all over the post-soviet states.

As the American sociologist Louise I. Shelley puts it: “Organized crime affects citizens through: the privatization process, increased violence

in daily life, higher rates of personal and property crime, more deviance, higher prices, and reduced personal security.” (“Post-Soviet Organized Crime,” Demokratizatsiya, Vol. 2, No.3, (Summer 1994), pp. 341-58.)

The most alarming part of the story was the influence of the criminal ideology on the youth. In Kutaisi, many young boys dreamed about becoming a “thief-in-law” and were proud of acquaintances with (abundant) criminal authorities in the city.

Georgia was in fact a failed state.

Under the circumstances when the sovereign state lost its ability to protect citizens from violence and crime, the demand for security in the society was met – ironically – by the criminal authorities themselves.

Thieves-in-law supplied the security guarantees (of course, for a hefty price) when the state was too weak to do so.

The existence of a large shadow economy provided, at the time, another justification for criminal authorities’ existence. According to Austrian economist Friedrich Schneider, in 2002-2003 Georgia had the second largest shadow economy (after Bolivia) among the 145 countries of the world. While the shadow economy was flourishing even during the Soviet times, in 2002-2003 as much as 68% of the country’s economic activity was not legal (cf. “Shadow Economies of 145 Countries all over the World: What do we really know?”

Working Paper, 2006). This of course implied that the state would not be able to serve as a legal authority for solving the disputes between conflicting parties. In this kind of situation, having criminal authorities to solve interpersonal disputes was simply a necessity. Arguably, without such “dispute-solving institutions” and the state so weak at the same time, country’s economy would perform even worse.

gives an insight into why the equilibrium with ‘collective protection’ of property rights is superior to the one with ‘individual protection’.

In Grossman’s model people can earn income by choosing to be either producers or predators (criminals). When predators are present, the producers would have to divide their time between production and protection of property. The model shows that in the absence of collective “guarding against predators”, social costs of predation are high, as producers themselves individually spend time on guarding their own possessions, devoting less time to productive economic activity. As a result, society achieves only a suboptimal outcome, with lower return to every party involved: both predators and producers. In case of collective guarding, on the other hand, producers devote their whole time to productive activity and predation is also reduced as a result of increased costs to the predators.

Yet, the question remains: why is it not optimal to rely on criminal authorities to provide collective protection, instead of relying on the elected government’s authority? It is perhaps best understood in terms of the ‘conflict of interest’ between the criminal organization’s ‘job’ as private security guards and their goal to maximize the rents from theft. Once a criminal group achieves a monopoly power in a certain area, no one prevents them from seizing the private property they vowed to protect. This would be the most likely outcome given that a criminal group in a monopoly position does not have a reputation to preserve, and cannot be ‘voted out of the office’. The same argument would of course hold for any authoritarian state that usurps the political power.

Any state where courts and police are regarded as ‘puppets’ manipulated by the authorities.

A HAPPY END WHY DO WE NEED FOR NOW, BUT THE STATE? RISKS REMAIN

A

model developed by the American political economist Herschel I. Grossman (“Producers and Predators”, Pacific Economic Review, Volume 2, No. 3 (Fall 1998), pages 169–187)

F

or Kutaisi, and for Georgia, one can say, the crime story had luckily a happy ending. The robust reform of police system and intolerance towards criminal brought

the indispensable characteristic of the state - monopoly on the legitimate use of physical force - back to the state. Crime rates, as well as the share of shadow economy have gone down significantly. “Criminal qualification” is no more attractive for the youth of Georgia. However, people still do not trust the party that judges who is right and who is wrong. Looking at CRRC figures, Georgian people’s trust in the institutions directly responsible for enforcing property rights (i.e. courts and police) has improved from 2008 to 2011 and is higher than comparable numbers for our South Caucasian neighbors. Even so, trust in police is almost twice higher than that in court system. Obviously, additional work needs to be done in this respect. According to Babych and Fuenfzig (“An Application of the Growth Diagnostics Framework: The Case of Georgia”, ISET Policy Institute, 2012) lack of broadly interpreted property rights is a binding constraint to Georgia’s economic growth. And property rights include judicial independence, among other things.

Even though the situation now is better than back in the 1990’s, protection and enforcement of property rights is and should still be on the government’s to-do-list.

After the experiences made in the 1990’s, it is difficult to change people’s prior belief that the state is the one who abuses (and not protects) the private property. As security depends on subjective attitudes, it is very important to instill people’s trust in the system. Before the reforms, local businesses avoided taxes but paid to criminal authorities for their security. Now they are paying taxes to the government. Without successful prior experience in a market economy, for some of them the only thing that has changed is the recipient of the money they paid. In this situation, it would be good if the state representatives illustrate the difference between the two payments. Politicians like to brag about how long roads they have paved but nobody ever mentions that taxpayers’ money is spent on the provision of public services by the government. People should realize the difference between taxpaying and racketeering, and if Georgia will succeed in building an impartial judicial system, the country may move on towards the rule of law that is so essential for its economy to succeed.

Organisations Lose an Estimated 5 Percent of their Annual Revenues to Fraud, Study The FINANCIAL

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rganisations lose an estimated 5 per cent of their annual revenues to fraud, according to a report published last year by the U.S.-based Association of Certified Fraud Examiners (ACFE). To help shine a spotlight on this global problem, more than 900 organisations worldwide are participating in International Fraud Awareness Week, 3-9 November 2013, as official supporters to promote anti-fraud awareness and prevention.

Called “Fraud Week,” for short, the campaign encourages organisations of all sizes and industries to host fraud awareness training for employees, conduct employee surveys to assess levels of fraud preparedness within their organisation, post articles on company websites, newsletters and social media, and team with local news sources to highlight the problem of fraud.

ACFE President and CEO James D. Ratley, CFE, said that the support of organisations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.

“Organisations of all sizes and types are susceptible to fraud, and it can have a measurable impact on their financial bottom line,” Ratley said. “While prevention and detection is a year-round endeavour, Fraud Week shines a spotlight on fraud – and supporters of the campaign demonstrate their understanding that spreading awareness is key in combating the global fraud threat.”

In its 2012 Report to the Nations on Occupational Fraud and Abuse, the ACFE reported the following (all figures in U.S. dollars): Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million.

Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.

Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and antifraud controls are similar regardless of where the fraud occurred.

Small businesses are especially vulnerable to occupational fraud.

These organisations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.

Tips are key in detecting fraud.

Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.

4

HEADLINE NEWS & ANALYSIS

US Business in Georgia

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“Georgia Must Make a Clear Rejection of the Eurasian Customs Union,” American Chamber of Commerce Continued from p. 2

and the provocations at the border - so the relations with our northern neighbour will continue to be sensitive and difficult. We should also remember that even during the embargo of products to Russia, Russian companies were actively working in Georgia.

Q. What are the main risks behind Russian-Georgian relations?

A. With the unpredictably of Russian policies, companies must be cautious in relying too heavily on the Russian market.

I do believe that the companies exporting to Russia now fully understand that risk.

Another potential risk is that Georgia can’t be perceived as leaning towards Russia and away from the West and Georgia must make a clear rejection of the Eurasian Customs Union.

The Georgian Government has already made such declarations.

Another risk that seems to be well understood is to ensure that strategic assets remain within Georgia’s control.

Q. The Georgian Government under Saakashvili’s presidency was active in regard to promoting Georgia.

However, the new government stopped promoting Georgia on international channels. What is the best way to promote Georgia right now?

A. The situation is a little different now. The initial promotions of Georgia on CNN and BBC did help to raise the awareness of Georgia on the interna-

tional stage. Now the messages can be developed a little differently. This is one of the areas where the Government and the business community can work together to assure potential investors that Georgia is a safe and profitable country for investment. The business delegation to DC later this month is a prime example of this type of effort.

Q. Recently EU ministers urged Ivanishvili to avoid ‘politics of revenge’ in Georgia. Do you think that the arrests of officials will have a negative impact on the investment climate?

A. There have already been many negative comments from outside the country regarding arrests of officials. However, as we have already mentioned, “rule of law” is one of the most important aspects for Georgia going forward. It would be even more difficult to understand why officials, if ultimately found guilty in a fair and open judicial process, should not have been brought to trial in the first place. Further, the Government must continue to do all it can to ensure due process and transparency in any such cases.

Q. What are the main risks that Georgia will face in 2014?

A. There is a rather gloomy outlook for the European and global economy in 2014 which could affect FDI coming into Georgia as well as Georgia’s export potential. There is some uncertainty as to how the new Government and the Georgian Dream coalition will function

when Mr. Ivanishvili leaves. Unrealistic expectations of the electorate can also be problematic in 2014. Another potential risk is that Russia’s attitude towards Georgia could be even more unpredictable following the Sochi Olympics.

Q. What is your attitude towards the co-investment fund founded by PM Ivanishvili? Can you name any U.S. companies or businessmen that are interested in participation?

A. We have had a few briefings on the new fund. While we are awaiting additional details, there is no doubt that the country can benefit from an influx of investment in sound viable projects. Identifying USD 6 billion worth of bankable projects may prove to be a challenge. We also see the need for proper oversight and control of the fund to ensure it is managed in an efficient and transparent manner. As mentioned above, although nothing specific as of yet, there appears to be interest from some U.S. companies in participating with the fund.

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Paid Info Services Flourishing despite Growth of Internet The FINANCIAL

By Madona Gasanova

I

nternet development in Georgia has affected the income of the main paid information phone services 118-08 and 118-09, but their revenue is still sufficiently high. The accuracy of the information and convenience of the service requested remain the main advantages of paid information services.

The most requested information and services include airline schedules, ticket reservations, cinema/theatre programmes, sales and new arrivals at trading shops, sports scores, and the contact details of various entities.

“The increased amount of internet users reduces the number of customers of paid information centres. Going by the example of developed western countries, we can conclude that paid information centres will continue to function viably for the next 20 years at least. There are people who do not use the internet, or do use it but still prefer to call an information centre,” Michael Kireulishvili, Director at Yell.ge, told The FINANCIAL. Google is the most popular search engine and the second most popular website in Georgia, according to Alexa. com, California-based subsidiary company of Amazon which is known for its website ranking. From the 300 people between the ages of 21-45 surveyed by The FINANCIAL, all said that they have used Google to search for information. Only 5% has used 118-08 and 118-09 service just once

during the current year.

The number of internet users in Georgia is more than 1.6 million.

“We have been receiving approximately 150,000 calls a month in 2013. The number was 170,000 in 2011. Tenders that were issued in information business several years ago are the reason behind the decrease,” said Kurtskhalia.

Currently the most popular information that customers of 118-09 call to find out includes: ticket reservations; cinema/theatre programmes; sales and new arrivals at trading shops; transport schedules, as well as flights; sports scores; lost and found items; searches about legal entities.

Contact info of companies; cinema/theatre programmes; calling codes; subscribers living in Tbilisi; air flight schedules - these are the most requested types of information by our customers from number 118-08.

“We occupy over 80% of the market. Two years ago traffic was little; the awareness of our company was less than it is today,” said Natia Gochitashvili, Director at 118-08.

The lack of cost is the main reason behind the preference for online search engines among respondents. “I make all calls via cell phone. But I used to call the paid information centre and fail to receive the requested information but still be charged,” said Maka, 36.

“Unfortunately we do not choose the payment system and it does not come within the realm of our control. The mobile operators dictate the charges. If we refuse them, we will not be able to serve cell phone users,” said Inga Kurtskhalia, Deputy Director of 118-09.

“The number of daily visitors of Yell.ge varies from 15,000 to 17,000. It amounted to 8,000-9,000 three years ago. Yellow Pages have a free line - 2 913 913. It provides additional services to customers, mainly for companies and a small share of the population that is aware of this service. The information service provides information about the organization. The information centre delivers information only about organizations,” said Kireulishvili.

The cost of the service at 118-08 is GEL 1.28 for legal entities and GEL 1.18 for individuals. 118-09 offers service for GEL 1.30 to legal entities and GEL 0.97 to individuals.

The accuracy of the information provided is also one of the main advantages in Gochitaishvili’s words. “One can Google anything. However you will receive a huge volume of information which is not organised and you can spent a lot of time searching for what you need. Meanwhile we deliver reliable information which is confirmed with the primary source.”

“We deliver the required information faster than the internet. All our clients can receive the information they require in around 20-25 seconds,” she added.

“As in any business, growing internet space requires from us more creativity, flexibility, more initiatives and further customer orientation,” Kurtskhalia said.

“We guarantee the accuracy of our information. We have already started gathering detailed information about the regions. Information about Batumi, Kutaisi, Svaneti, Sighnagi and Telavi is already available,” Gochitaishvili told The FINANCIAL.

Georgia Needs Deposit Insurance The FINANCIAL

By Madona Gasanova “It’s hard to say when deposit insurance will become mandatory in Georgia. At least in the short term it seems a bit unrealistic to me,” Zurab Gvasalia, President of the Association of Banks of Georgia (ABG), told The FINANCIAL. Georgia remains the only PFS Beneficiary country that doesn’t have a system of deposit insurance, which puts depositors under high risk of losing their money in the event of instability.

Georgia is one of the leading countries in the world in terms of high interest rates on deposits. It follows Belarus, Iran, Serbia and some African countries. The average rate on term deposits reaches 11% for USD and 12% for GEL, while in the EU deposit rates are up to 3%.

The population of Georgia seems to be more concerned with bank specific risks (41%) than political risks (20%), according to a survey about saving behaviour assessment

in Georgia. While deposit insurance is considered to be a highly important mechanism to prevent bank runs and to boost depositor confidence, Georgia does not plan to switch to this mechanism any time in the near future.

“If Georgia becomes an EU member, Georgian citizens would be equally protected,” Djurdjica Ognjenovic, Deposit Insurance Expert at World Bank, told The FINANCIAL. The saving behaviour survey’s finding is in line with previous speculation that trust in banks is low. Such an attitude could be resulting not only from the massive loss of deposits that took place after the breakdown of the USSR, but also from the war of 2008 - during this military conflict people faced difficulties when trying to withdraw money from banks and these difficulties led to panic.

“World Bank is actively involved in the deposit insurContinued on p. 10

Stable Exchange Rates in Georgia Could Result in Instability, Claims Expert The FINANCIAL

By Mariam Gogiberidze “If Georgia keeps its exchange rate stable then people will become used to it remaining stable and then when it does change the change may appear greater than it actually is.

It may create bigger instability,” Andrea Bubula, Ph.D in Economics, Expert in applied open-economy macroeconomics and finance, at Columbia University, told The FINANCIAL. “Instead of moving to a new equilibrium with little movement they may jump with a great amount,” Bubula believes.

“Interest rates fell from 20% to 12-13%. Mortgage interest rates sharply reduced as well, from 15-16% to 11%.

This decision is the result of macro-economic stability and development tools,” said Archil Mestvirishvili, the Vice-Governor of National Bank of Georgia. “Since 2009, we moved to an inflation targeting regime.

Our goal is to maintain low inflation and low interest rates.

National Bank’s objective is price stability rather than economic stability, because it is necessary for macroeconomic stability. And macroeconomic stability promotes economic growth.”

“As for exchange rates, shortterm fluctuations were allowed, which means that the rate will be more stable,” Mestvirishvili said. “There is no need for devaluation. We have reduced the number of interventions on the market, from 17 interventions to 4 in one month.”

“It is planned to reduce the role of National Bank in the foreign exchange market. Loans to small businesses are allowed, which are issued only by mortgage with real estate. The National Bank does not help any sector, and does not subsidize, an important task for National Bank is to reduce dollarization.

Reduced dollarization increasContinued on p. 11

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Swiss Investments are Close to USD 200 Millions in Georgia “There is more trust in the Georgian environment and business environment, bec ause of the politic al stability ”, Guenther Baechler, Swiss Ambassador to Georgia

Photo by David Khizanishvili

The FINANCIAL

By Mariam Gogiberidze

F

ollowing the first ever Georgian-Swiss Business Forum the State Secretariat of Switzerland has expressed interest in investing in Georgia. The Forum also attracted foreign investors. As a result more interest has appeared at the Swiss end. The amount of FDI in Georgia from Switzerland has more than doubled in 2013 in comparison with the same period of last year.

The number for the first two quarters of 2013 was USD15,960,000, while for the same period of last year it was USD 6,123,000. “For the next few years FDI is estimated to be USD 500,000,000,” Guenther Baechler, the Swiss Ambassador to Georgia.

Q. Swiss FDI in Georgia has more than doubled in the first two quarters of 2013 in comparison with the same period of last year. What are the main reasons for this increase?

A. I think there is more interest in Georgia from the Swiss side. There is more trust in the Georgian environment and business environment, because of the political stability.

But at the same time figures have to be analyzed from a more analytical background to decide whether to invest in the country or not. First of all I think that figures are still very low.

Each investment may change the statistics. We started at a very low level and that’s why we wanted to do more.

I think there are more chances, there are more ideas for how to boost these figures. Secondly, what we learned also from our statistics in Switzerland is that the statistics were not accurate.

They somehow only amassed the information about bigger investments; they asked bigger companies whether they had invested in Georgia. So they could not grasp some of the investments that are real but were never shown in the statistics. I think they are now more accurate as they are focused

on smaller investments too. This is the reason why the amount has doubled.

Q. How did the political changes that occurred in November 2012 impact on Swiss investors?

A. Georgia is a democratic country which is now not a transition country anymore. The true sense we get is that we are now much further ahead and there is trust in the economic environment and in its stability; also in the lawmakers, there is a legal background and framework. This is reliable, so as a result there are more investors that are interested in Georgia. We saw that

ment of the market. You don’t know whether the product can be sold easily; whether it will be accepted. But also in a direct investment you don’t know the business environment exactly so there are the kinds of usual risks. In particular with Georgian institutions like the Business Ombudsman, this is going to minimize risks. Georgia has more reliable tax legislation, financial policies that are working on good governance principals etc. This is always important for minimizing risks. So the political risks, the risks from unforeseen events and unforeseen kinds of

Georgia is a democratic country which is now not a transition country anymore” Guenther Baechler the Swiss Ambassador to Georgia even on private business tours some investors or businesspeople came, wanting to get to know the country.

In contrast, ten years ago nobody even knew where Georgia was. There was no interest and they didn’t want to come, also there was a very small market. Maybe there was some uncertainty but this is slowly going to change.

There are more articles in newspapers, more advertisements, and large tourist agencies all have Georgia in there catalogues.

Q. What are the main risks that foreign investors face in Georgia?

A. Of course there are always some risks in any investment and particularly in foreign investments. I would say that the main risks are quite normal economic risks. You don’t know the market exactly; you don’t have a clear prediction about the develop-

catastrophes, are much less now.

Q. What are the chances of Georgia becoming a NATO and EU member?

A. Becoming an EU member in particular in economic terms means that Georgia and the EU are negotiating on all the necessary elements and documents for issues like free trade, the association agreement. Both sides are quite optimistic and they are going to sign documents. I don’t see a lot of obstacles any more. What we have seen with the elections is that the Georgian people, more than 80% of the electorate, by their choice has expressed the will to draw closer to Europe. To share European values, also to join Euro Atlantic institutions.

Q. Which are the most attractive business sectors for Swiss investors in Georgia?

A. The first Georgian-Swiss Busi-

Young people in Switzerland are content and see very little need for reform See on p.13

ness Forum in Tbilisi which was held recently was well attended by both sides. There is a certain interest in infrastructure development, in tourism, in the energy sector, e.g. smaller power stations for local development; also the sector of logistics, for instance linked to infrastructure. There is certain interest from transport companies, shipping companies. There is a very innovative sector in Switzerland that comprises institutes with green economy in many fields collaborating on future technologies in order to safeguard our planet. Georgia should use all kinds of waste in order to produce for instance diesel or kerosene, it should use all materials.

Q. What will be the main challenge for Georgia in 2014?

A. I think that for 2014 the main challenge is to identify the sectors or sub-sectors we want to engage in.

Tourism is the large field so we have to find concrete partnerships between Georgian companies and potential Swiss investors. We can facilitate this from the Embassy, from the diplomatic field, from state authorities. But there must be some kind of initiative taken by the businesspeople in terms of their own responsibility. This is maybe the challenge - to find the right partners and people.

Q. Is the Government helping to attract foreign investors and doing business in the country?

A. Georgia has a very valid actor in this field to attract foreign investments in certain sectors. I think there are priority sectors that are extremely important for Georgia. Here there is an instrument. I think from the Swiss side we have instruments as well. We have the OSEC, it’s a kind of organization that supports foreign investments, provides guidelines, informs people, also conducts small gatherings with partner countries. These instruments are quite active when it comes to Georgia. The State Secretariat in Switzerland for the economy is very much interested now for the first time. To engage in Georgia they used the Business Forum held about 3 weeks ago to come here, to explore the environment, and they were quite interested as a result. So besides the development cooperation we would have Swiss economic operation in the form of a state agency to support partnerships in Georgia.

Q. Are the investors interested in investing in our country?

A. We have people that are already here, already investing. There are also newcomers that may know Georgia but till now haven’t invested, yet do have certain interest. The Georgian Swiss Business Association includes 20 members and from these 20 some are already investing, while some are newcomers.

Q. How much will Swiss FDI amount to in 2014?

A. Given the latest developments and most recent statistics I hope it would be a much greater amount than it was in previous years. We would come closer to half a billion USD. We are encouraging not one big investment but we would like to see small and medium size enterprises investing here. Because they are innovative, they find partners, they want to really establish a long-term partnership. So there are smaller investments but perhaps bigger in numbers. It might not be a very rapid development but is instead long term, sustainable, with greater investment.

Q. What is the main Georgian product that can be exported to Switzerland?

A. It’s definitely wine, and that is already being exported to Switzerland, maybe not too much but there is a market for it there, there is a niche.

Very high quality Georgian wine is served in high class restaurants. I hope that in the future with direct investments here we find partners in green economy, in more innovative technologies where Georgia can create a niche, can develop a sector and export to Switzerland. I can’t tell you now what exactly this would be but I hope the entrepreneurs here would be very happy with an innovative idea.

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U.S. the Most Demanded Study Destination for Georgians, but Not Affordable The FINANCIAL

By Mariam Papidze

T

he United States is one of the most popular countries for Georgian students to study in. But the statistics show that the number of students studying in the U.S. is very low. The comparably expensive travel costs and high tuition and accommodation fees are the main reasons why Georgian students prefer other countries, Georgian universities offering dual programmes claim.

The number of Georgian students that went abroad to study in the academic year 2012-2013 was 216, according to the National Statistics Office of Georgia. Only 14 students went from Georgia to America in 2013.

Germany, Lithuania, Turkey, Poland and Egypt are Georgian students’ main destinations for study. Out of these Germany is the most popular country for local students, the statistics show. Out of the 216 Georgian students that went abroad, 32 went to Germany.

The second most popular country by number of students is Lithuania, with 26. Then comes Turkey with 22 students, Poland with 17, and Egypt with 13 students.

These statistics are from data provided by the public education institutions as well as private education institutions in Georgia only.

The statistics do not include information about how many Georgian citizens went abroad to study indi-

vidually.

Caucasus University sent 6 students to the U.S. for the 2012-2013 studying year. As the students found American universities expensive to study at, Caucasus University, like other universities in Georgia, came up with the idea to become a partner of several universities in U.S. and finance the students who want to study there.

Undergraduate degree tuition is between USD 16,320 and USD 34,656 per year, and master’s degree tuition is between USD 23,520 and USD 79,317 for the entire programme in universities in America and Canada.

A return flight from Tbilisi-New

York costs USD 1,000 in low season, while flights to EU countries are available for USD 400.

“The U.S. is a very popular country among Georgian students willing to continue their studies abroad,” said Mariam Sutidze, Director of the International Relations Department at Caucasus University. “But many of them cannot afford to study in the U.S.. Usually, the three best students of the Business School of Caucasus University are sent to Georgia State University in the U.S. for study. These students are financed by Caucasus University.

Besides, three students are sent to Fairleigh Dickinson University,

Cyber-crime is greatest global threat to organizations’ survival today The FINANCIAL

W

ith information security functions not fully meeting the needs in 83% of organizations, 93% of companies globally are maintaining or increasing their investment in cyber-security to combat the ever increasing threat from cyber-attacks, according to a new survey released

by Ernst&Young, global advisory firm.

Under cyber-attack, EY’s 16th annual Global Information Security Survey 2013 tracks the level of awareness and action by companies in response to cyber threats and canvases the opinion of over 1,900 senior executives globally. This year’s results show that as companies continue to invest heavily to protect themselves against cyberattacks, the number of security breaches is on the rise and it is no longer of question of if, but when, a company will be the target of an attack.

Thirty-one percent of respondents report the number of security incidents within their organization has increased by at least 5% over the last 12 months. Many have realized the

extent and depth of the threat posed to them; resulting in information security now being ‘owned’ at the highest level within 70% of the organizations surveyed.

“This year’s survey shows that organizations are moving in the right direction, but more still needs to be done – urgently. There are promising signs that the issue is now gaining traction at the highest levels. In 2012, none of the information security professionals surveyed reported to senior executives – in 2013 this jumped to 35%,” Paul van Kessel, EY Global Risk Leader said.

“Cyber-crime is the greatest threat for organizations’ survival today.

While budget allocations toward security innovation are inching their way up, enabling organizations to channel more resources toward innovating solutions that can protect them against the great unknown – the future – many information security professionals continue to feel that their budgets are insufficient to address mounting cyber risks,” said Ken Allan, EY Global Information Security Leader.

Despite half of the respondents planning to increase their budget by 5% or more in the next 12 months, 65% cite an insufficient budget as their number one challenge to op-

erating at the levels the business expects; and among organizations with revenues of US$10m or less this figure rises to 71%, according to the report.

Of the budgets planned for the next 12 months, 14% is ear-marked for security innovation and emerging technologies. As current technologies become further entrenched in an organization’s network and culture, organizations need to be aware of how employees use the devices, both in the workplace and in their personal lives. This is especially true when it comes to social media, which respondents identified as an area where they continue to still feel unsure in their capability to address risks.

Although information security is focusing on the right priorities, in many instances, the function doesn’t have the skilled resources or executive awareness and support needed to address them.

In particular, the gap is widening between supply and demand, creating a sellers’ market, with 50% of respondents citing a lack of skilled resources as a barrier to value creation. Similarly, where only 20% of previous survey participants indicated a lack of executive awareness or support, 31% now cite it as an issue

which is our new partner university in the U.S. Caucasus University offers both exchange and dual degree programmes out of which exchange programmes are more in demand.

The reason is still the same - exchange programmes are cheaper.

“Exchange programmes need less finances for spending one semester there than to choose a dual degree programme and stay in America for 2 years,” said Sutidze.

In total, 35 students went abroad from Caucasus University to study. Turkey and Russia are less popular among Caucasus University’s students.

About 5-10 students go to America to study from GeorgianAmerican University (GAU), according to the annual statistics.

Among GAU’s partner universities students can find Harvard University, Princeton University, the University of Pennsylvania, Yale University, Columbia University, Brown University and Johns Hopkins University.

“GAU is the only university in Georgia which has so many partner universities in the U.S. and which offers so wide a choice of studying programmes,” said Mariam Giorgadze, Marketing and Communications Assistant at GAU. “The reason is that our studying programme merges with the American universities’ studying programmes perfectly and GAU’s recommendations given to the students are considered reliable for American universities. Within the framework of the

studying program GAU prepares the students for GRE and TOEFL tests,” she added.

In general, 15 students of Free University of Tbilisi went abroad, according to Nata Bitskinashvili, Employment and Career Development Manager at Free University of Tbilisi.

Free University provides the PHD programme - RAND, which is the public policy analysis Ph.D. programme in America and the only programme based at an independent public policy research organization - the RAND Corporation.

Tbilisi State University does not provide study programmes in America.

Preparing all the necessary documentation, having a good academic performance level, writing an impressive covering letter, undertaking foreign language testing and finally - interviews - these are the steps that all applicants must go through if they want to study abroad.

iPhone Sales Grow 26% to Establish New September Quarter Record

The FINANCIAL

A

pple posted quarterly revenue of $37.5 billion and quarterly net profit of $7.5 billion, or $8.26 per diluted share.

These results compare to revenue of $36 billion and net profit of $8.2 billion, or $8.67 per diluted share, in the year-ago quarter. Gross margin was 37 percent compared to 40 percent in the year-ago quarter. International sales accounted for 60 percent of the quarter’s revenue, according to Apple Inc. The Company sold 33.8 million iPhones, a record for the September quarter, compared to 26.9 million in the year-ago quarter. Apple also sold 14.1 million iPads during the quarter, compared to 14 million in the year-ago quarter. The Company sold 4.6 million Macs, com-

pared to 4.9 million in the year-ago quarter.

“We’re pleased to report a strong finish to an amazing year with record fourth quarter revenue, including sales of almost 34 million iPhones,” said Tim Cook, Apple’s CEO. “We’re excited to go into the holidays with our new iPhone 5c and iPhone 5s, iOS 7, the new iPad mini with Retina Display and the incredibly thin and light iPad Air, new MacBook Pros, the radical new Mac Pro, OS X Mavericks and the next generation iWork and iLife apps for OS X and iOS,” he added.

“We generated $9.9 billion in cash flow from operations and returned an additional $7.8 billion in cash to shareholders through dividends and share repurchases during the September quarter, bringing cumulative payments under our capital return program to $36 billion,” said Peter Oppenheimer, Apple’s CFO.

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US Business in Georgia

4 November, 2013 | finchannel.com

Wendy’s Increased Smart Supermarket’s Sales by 16 Percent

Georgia Needs Deposit Insurance

Photo by David Khizanishvili

The FINANCIAL

By Mariam Papidze

O

f the two biggest projects implemented by Wissol Group in 2013, the introduction of American brand Wendy’s to the Georgian market was the most significant, Soso Pkhakadze, President of the Wissol Group, told The FINANCIAL. “Since Wendy’s opened in Tbilisi, the sales statistics of Smart Supermarket have increased by 16 percent, so our consumer brands are helping each other and we enjoy a significant synergy between them,” Pkhakadze said.

Wendy’s restaurant appeared on Tbilisi’s Rustaveli Avenue in September 2013.

Wissol Group plans to develop 25 restaurants in Georgia and the Republic of Azerbaijan over the next 10 years.

The Wendy’s system includes more than 6,500 franchise and company restaurants in the U.S. and 27 countries and U.S. territories worldwide.

The second most important project implemented by the Wissol Group is the expansion of its advertising business. Vellagio, one of the leading companies on the Georgian advertising market, has bought its competitor, another large advertising company Alma Plus. “Wissol Group always wanted to expand its advertising business.

Vellagio was a successful business for us - the company billboard network covers all the major cities of Georgia; it was one of the first to introduce new technologies in indoor advertising - “scrolling” and 3vision systems. Vellagio holds exclusive rights for indoor and outdoor advertising at Tbilisi and Batumi International Airports. But purchasing our competitor company Alma Plus which holds the DGM printing plant, one of the biggest in Georgia, was very good acquisition for us.

Now we have got a quite large

advertising and printing organization,” Pkhakadze said.

“Wissol Group kept taking bold steps forward and one of the examples of this is the arrival of Wendy’s. Meanwhile, we expected that Wendy’s would be a successful business in Georgia. Before bringing Wendy’s here, we examined the Georgian market and saw that there was a big niche in the market for the restaurant. This fact encouraged us to bring Wendy’s to the Georgian market. This is an American project implemented in Georgia which has brought American quality, and completely new, products to the market. Wendy’s slogan is ‘Quality is Our Recipe’. Wissol Group’s slogan is `Quality I Trust`,” Pkhakadze said.

In total 115 people are currently employed at Wendy’s.

Wissol Group intends to employ over 2,000 people at Wendy’s Georgia within next 4-5 years.

“The Baconator, Wendy’s burger, salads and Frosty ice-cream are the products that Georgian customers like the most. I would say that the best coffee and coffee products available in Georgia are served at Wendy’s,” Pkhakadze said.

American consultants are advising us on how to improve the Smart Supermarket business in Georgia and how to develop it further. Today Smart has just 12 markets in Georgia but by the end of 2014 it will be a significantly large company, according to Pkhakadze.

“At first we had a little knowledge of the management of food chain infrastructure. But the consultants from America gave us the direction and knowledge necessary to develop this business. Today we are still a small company, but we are getting stronger.

Some people would tell me that the Smart supermarket on Rustaveli Avenue was not a good investment. But today, with the strong sales and financial results we have

achieved, we have proved that it was the right investment. Smart was the first to have appeared on that part of Rustaveli Avenue, but now there are the ongoing building works of two hotels - one above the Smart Supermarket and the other next to it.

And as I know there will be a cable car as well to carry people from Rustaveli Avenue to Mtatsminda. So the future is promising. What I have to say is this: the main thing in business is the long-term vision and whole perspective.

In a few years we will see how profitable the Smart supermarket business will be for our group,” Pkhakadze said.

On the subject of the prospects of the supermarket sector in Georgia, Pkhakadze said that it is a larger sector than the oil sector, making up 37 percent of the GDP, which is USD 5 billion. “The problem nowadays is that the segment of organized markets makes up just 15 percent of the whole market. The rest is made up by the non-organized stores which we see on every street corner in Georgia.

Sooner or later the organized markets’ share will increase significantly, so market will move to a modern form,” he said.

Wissol Group has also introduced the most modern technology for fuel quality and supply control at its petrol stations, which is an innovation on the Georgian market, claims Pkhakadze.

“Wissol Petroleum Georgia is the first company to have its petrol stations equipped with an automated system for fuel supply and quality control integrated into the fuel tanks and fuel pump which guarantees 100% accuracy in fuel delivery and makes service at the gas stations even more faster. We have invested USD 1.7 million in this project.

Nowadays 48 petrol stations already have the automated fuel supply system. Within the next 6 months, Wissol Petroleum Georgia will equip

every petrol station with this system,” he said.

Over the next few years Wissol Petroleum Georgia intends to develop CNG service stations in Georgia. This direction will be a priority for the company, Pkhakadze said.

“Economic activities are sometimes high, but can also sometimes be low. We cannot follow their rhythm. We should just continue going forwards and implement all projects as planned. The idea is to be oriented on long-term benefit rather than on immediate results. In general, our decisions are designed with a 1015 year perspective in mind.

If you want your business to develop further and be a big and sustainable company, you should always set long term objectives,” Pkhakadze said.

The President of Wissol Group believes that the economic situation will improve next year. “Georgia has all the conditions for this: the elections are already over, political unrest has ended, several funds have been created to support the country’s development - with all these factors it is easy to forecast that the economic situation will improve,” he said.

Today Wissol Group is one of the largest business groups in Georgia incorporating: Wissol Petroleum, Wissol Gas, Air Wissol, Wissol Gas Distribution Company, construction and real estate company Vellagio, advertising company Alma, Vianor Georgia, the Smart Supermarket chain, Wendy’s, Football Club Torpedo Kutaisi and Fitness Center Laguna Kutaisi.

Continued from p. 5

ance issue. They are consulting the banking sector and government including ABG and NBG. However, today it’s hard to say when it might be expected to come in to operation. At least in the short term it seems a bit unrealistic to me. It should rather be discussed in a medium-term perspective,” Zurab Gvasalia, President of the Association of Banks of Georgia (ABG), told The FINANCIAL. NBG avoided commenting on the issue, realizing that it is ignoring international recommendations.

The major objectives behind deposit insurance are protecting small unsophisticated depositors in the event of individual banks’ failures; promoting domestic savings in the formal financial sector; increasing public confidence in banks and enhancing financial stability in general.

Two of the most important bank selection criteria that emerged on making a deposit are: reliability of a bank/trust in a bank (29%), and high interest on deposits (23%).

According to the survey, out of the use of bank products and services, credit is the mostused bank product (16%), followed by credit plastic cards (13%) and quick money transfers (11%). The use of bank deposits is just 6%.

“In every country deposit insurance has helped to enhance confidence and trust if the system was designed properly,” said Djurdjica Ognjenovic, Deposit Insurance Expert.

“Deposit insurance is one of four pillars (elements) of a financial safety net. Under deposit insurance (DI) we understand the legal mechanism of explicit protection of depositors, up to a certain amount (coverage level) and for certain types of depositors and deposits (coverage scope) in the case of individual banks’ failures. If there is no deposit insurance in the country, depositors are not protected and sometimes the Government may decide to protect them, in other cases not. Such ad hoc individual cases ruin the confidence of the public in the banking sector and may be very costly for the budget. With clear deposit insurance rules, it is always known how much potential failure of any bank would cost and depositors are aware that deposit insurance authority will provide compensation in a very short period of time (which would be prescribed in the law),” she explained.

In Ognjenovic’s words, DIS is one of the rules of the EU which Georgia is aiming to become a member of. “At the level of the EU, deposit insurance is recognized as one of the key elements of stabilization of financial markets and by creating uniformed rules for all EU countries, the EU is creating equal playing fields for all citizens of the EU, regardless of their nationality.

DI is one of the key focuses of the creation of the socalled Banking Union of the EU. The EU issued its first directive on deposit insurance in 1994 and amended it in 2009 (EC/Directive/94/19 and 2009/14).

The advantage for any citi-

zens of EU member states is that all are protected equally regardless of if they live in Latvia or France, in the case that a bank fails minimum protection is EUR 100,000/ depositor/bank. If Georgia becomes an EU member, Georgian citizens would be equally protected.”

“In 1999 NBG submitted a draft law of the mandatory insurance of deposits to the Georgian parliament.

It was withdrawn due to unpreparedness. The bill included a mandatory form of deposit insurance only for individuals. It was not extended to legal entities and non-residents.

Meanwhile international practice includes individuals as well as legal entities insurance,” said Gvasalia.

According to him, the involvement of legal entities in the insurance system should guarantee the increase of funds attracted by banks, improve investment activity and extend the resources of insurance funds.

“Therefore, it is recommended to discuss all alternative options while preparing the draft. Institutional understanding of deposit insurance should be emphasized. In this regard, the draft law should be developed in a few moments. The forms of deposit insurance are the first task,” said Gvasalia.

“It is impossible to say by how much (what percentage) deposits in banks will grow if there is deposit insurance.

First of all, nobody knows for sure how much money is outside of the system now.

Secondly, deposit insurance is only one of four pillars of the safety net. For example, if depositors still think that laws and regulations are not of good quality or that supervision is not sound or that there are some problems with banks, they may still have low confidence in the system.

Some events from the past when depositors lost their savings also have an effect on savings behaviour especially with the older population,” Ognjenovic said.

“Thus, as we see it, we have much work to do. Bank deposit insurance is a complex set of measures. It should ensure the protection of commercial banks in the event of their failure. The general attitude towards banks is also important. The insurance system should protect banks from financial risks,” said Gvasalia.

“However, the banking association plans to actively cooperate with the World Bank, NBG and the Government on these issues. As a result it will allow us to develop it in the appropriate time. This will ultimately have a positive impact on the banking and financial system,” Gvasalia told The FINANCIAL.

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Georgia Lacks Mid-Range and Budget Hotels, Report States The FINANCIAL

By Madona Gasanova

G

eorgia is missing midmarket and budget internationally branded hotels, HVS Global Hospitality Services told The FINANCIAL. The company, which monitors the global hospitality business, says there is great potential for hotel development in both the sea and mountain resorts of Georgia.

According to HVS, the development of midmarket and budget hotels is the key opportunity in hotel development in Georgia and the CIS. All hotel brands which are not currently present in Georgia are potentially interested in entering the market. High demand and low supply remains the key reason for the high room rates in the country. HVS suggests that a price reduction will happen automatically once more hotels open up.

“Investors are discussing Georgia as an interesting country for business due to its very pro-western outlook and approach, plus being very good for doing business, as well as its high tourism potential,” Alexey Korobkin, Senior Consultant at HVS Consulting and Valuation, told The FINANCIAL. HVS Global Hospitality Services is a consulting firm based in Mineola, New York, that specializes in providing services to the hospitality industry.

“CIS and Georgian markets will see many new hotels open in 2014,” Korobkin said.

According to him, private investors and groups in Georgia have a tendency to first build luxury and upscale ho-

There were 392 hotels in existence in Georgia until 2009. 224 new hotels were added to that number from 2009 to 2011. By 2011 the number reached 616. 95 hotels were opened that year in Georgia, which is 24 more than in 2010 and 37 more than in 2009.

Tbilisi has the largest number of newly opened hotels . The number was 15 in both 2009 and 2010. Batumi is the second of the country’s cities boasting the largest number of newly opened hotels . The number was just 9 in 2009 but in 2011 exceeded even Tbilisi ’s figures. 23 hotels were opened in Batumi in 2011, while in Tbilisi just 22. This data was provided to The FINANCIAL by the National Statistics Office of Georgia, GeoStat.

There are four international hotel brands operating in Georgia: Sheraton Metechi Palace, Holiday Inn, Marriott and Redisson.

Nightly rate at Radisson is from USD 177. At Sheraton - from USD 191; at Courtyard

by Marriott Tbilisi - Euro 170 and Holiday inn - USD 144.

The Rezidor Hotel Group would like to have up to ten hotels in Georgia in three to four year’s time. tels, partly due to the “ego” factor. There is a concern that if the upscale and luxury segments become oversupplied this will affect the whole market by putting pressure on both ADR and occupancies. “In general oversupply for such a small market like Georgia will lead to a decrease in operating performances,” he concluded.

“Currently the Georgian hotel market has quite a strong performance; the lack of international hotels allows the few players to achieve good results. As new supply enters, there will be some pressure on the operating performance,” he said.

“Despite the economic turmoil in Russia, the CIS and Georgia and continued crisis

in the Euro zone, hotel development in this region continued in 2012,” said Korobkin.

Rezidor continues to be at the top with almost 20% of all proposed hotels in the region.

Accor, Hilton and Marriott remain in the same places as 2011 and, together with Rezidor, represent almost 60% of all proposed hotels in Russia, the CIS and Georgia.

IHG, Starwood and Kempinski follow with proposed hotel stock of more than 2,000 rooms each. The total proposed room stock for the region in the medium term is almost equal to the existing one. “This means that if all the projects are realized, the existing hotel market capacity of international quality accommodation for the entire region will almost double in the next few years,” HVS research reports.

The list of large scale developers incorporate: RHC, Mospromstroy, Osnova, Akfen, Polis Service Development (Transstroybank), Amtel Properties, Pasha Group, Capital Partner.

HVS could not calculate the total volume of investments in the hotel business in CIS countries as investors often keep their investments private and there is no way to know the development costs of a given hotel.

According to the HVS 2013 report regarding the trends and opportunities of Russia, the CIS and Georgia, the development of midmarket and budget hotels is the key opportunity in hotel development in the region.

“As hotel markets become more price sensitive, the high-cost operations of luxury hotels will become harder to sustain. That is not to say that in the right location a luxury development will not be successful, but across the whole region, where the average rate potential of many markets is limited (often lower than desired by luxury hotel operators), midmarket and budget hotels will prosper. This is partially backed by the announcement of large-scale deals in recent years, which have all taken place in the midmarket and

budget segments,” the report estimates.

“The region is characterized by many dated assets, which are currently under performing owing to their economic obsolescence. An opportunity exists for investors to purchase these assets and renovate them into international quality hotels. This will be faster than developing a new hotel and often cheaper. Hotel brands, on the other hand, should encourage conversion as this will allow them to expand faster in the region,” HVS summarises.

According to the report, the past two years have witnessed some high-profile hotel transactions, albeit all in the upscale and luxury segments.

As hotel markets mature and more hotels become operational, opportunities to purchase operational assets will become more common.

In general, HVS estimated the hotel development in CIS and its borders as quite a complex process. “Investors are looking to get back into hotel markets, admittedly with greater caution. Land acquisition; zoning, planning and permits; brand standards versus local market needs; asset positioning; architecture and design and construction - are the main bottlenecks of hotel development in Russia and CIS countries.

Stable Exchange Rates in Georgia Could Result in Instability, Claims Expert Continued from p. 5

es macroeconomic stability, reduces the borrower’s costs, and increases the efficiency of monetary policy. It is considered the development of the securities market. EBRD is working for one year to issue securities. At the end of the year or early in 2014 the securities will be issued,” Mestvirishvili added.

“When cutting the policy rate you want to reduce the loan rate for the borrower, if the policy rate goes down the loans

rate will remain at the top level and the effectiveness of monetary policy is lost,” said Bubula.

“When all markets are in equilibrium monetary policy can only affect inflation rate.

And having stable and low inflation is good. But if some markets are not in equilibrium monetary policy in addition to inflation rate affects economic activity, GDP and the unemployment level. When GDP and inflation are too high the country should definitely stop the economy from heating pro-

“It’s a good idea to have some flexibility in the exchange rate because it could stimulate the economy,” Andrea Bubula, Ph.D in Economics from Columbia University, told The FINANCIAL cesses,” said Bubula.

“The Georgian economy for now has a lower growth rate and is below full employment.

Lower prices may lead to nega-

tive inflation. When people know that prices are going to fall they will hold off from buying anything for the time being.

This is very dangerous because

it could lead to depression,” Bubula said “People may make consumption and investment decisions looking at the real interest rate. So that should in-

dicate that it’s a good idea to be aggressive and try to stimulate the economy.”

“What’s interesting about Georgia is that despite reduction in policy rates the exchange rate with USD didn’t change.

Typically when a country cuts its interest rate the assets become less attractive making the country’s currency weaker. It’s a good idea to discourage liability in foreign currency.”

“We intervened during the year and bought USD 555,000,000 to have a strong exchange rate” said Archil Mestvirishvili.

CMYK

12

US Business in Georgia

HEADLINE NEWS & ANALYSIS

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US Business in Georgia

Global oil and gas capital expenditures rise despite decline in profits The FINANCIAL

W

orldwide capital expenditures among oil and gas companies increased 13% in 2012 despite relatively flat upstream revenues and a decline in upstream profits, according to Ernst & Young.

Worldwide oil reserves increased 3%, while worldwide gas reserves decreased 2% due to the recording of downward reserve revisions attributable to low natural gas prices in North America, according to EY’s annual Global oil and gas reserves study. This study analyzes the worldwide and regional exploration and production (E&P) results for 75 companies for a five-year period from 2008 to 2012.

The report also finds that the growth in spending was a result of strong exploration and development activity, as exploration spending increased 14% and development spending was up 22% in 2012.

“Strong capital spending has resulted in the discovery of substantial new reserves.

However, profits suffered in 2012 as an oversupply of gas reserves has kept prices low in North America. However, with increases in global demand, these new additional

reserves will likely pay off over time,” Dale Nijoka, EY’s Global Oil & Gas Sector Leader said.

Total worldwide capital expenditures for the companies in the study were US$541.0b in 2012. The strong growth in exploration spending and development spending was somewhat offset by declines in property acquisition costs.

Combined exploration and development spending increased 20% in 2012 and grew 48% from 2008 to 2012, according to Ernst & Young.

All regions in the study showed increases in total spending in 2012, but the level of reinvestment in oil and gas operations has varied widely by region over the fiveyear study period. The companies’ worldwide plowback

percentage was 54% during 2008-12 while the US recorded the highest level at 123% and Europe the lowest at 31%.

The plowback percentage represents total capital expenditures as a percentage of revenues less production costs.

The per barrel of oil equivalent (boe) cost to find and develop new reserves increased from US$16.90 per boe in 2011 to US$21.83 per boe in 2012 as spending increased while associated gas reserve additions decreased due to the downward revisions that were recorded in 2012.

Worldwide end-of-year oil reserves for the study companies increased 3% in 2012, with Canada and the US reporting the largest increases.

After decreasing in 2011, worldwide oil production rose

2% in 2012 as all regions except Europe saw increases.

Oil production in Europe decreased as recent capital expenditures have not been sufficient enough to maintain the reserve base. Oil production replacement rates have been strong in recent years with a finding and development (or excluding purchases and sales) rate of 148% in 2012 and a five-year (2008-2012) average of 122%.

Worldwide end-of-year gas reserves for the study companies decreased 2% in 2012. Reserve additions of 64.8 trillion cubic feet (Tcf) were reported as extensions and discoveries. These new reserves were somewhat offset by downward revisions of 28.3 Tcf which were primarily due to low natural gas prices in the US and Canada. Natural gas production increased 3% in 2012 with the US posting the largest increase. The increase in US gas production occurred despite production curtailments due to low prices underscoring how much potential growth could be seen in the future, if prices increase.

The decline in gas reserves in 2012 led to a finding and development (or excluding purchases and sales) gas production replacement rate of 84%. The five-year (200812) average was still a healthy 125%.

Only majority of Italians able to name current European Commission President Next year, the EU will choose both a new European Commission President and European Council President The FINANCIAL

H

opefully the new presidents will be more memorable than the current ones, as both are still fairly unknown as their terms come to an end.

Only a majority of Italians (54%) can name Jose Manuel Barroso as the Commission President, compared to 38% of Spaniards, 32% of French adults, 28% of Germans and just 8% of British adults. Even less well-known is Herman Van Rompuy, as just three in ten Italians (30%) and much fewer Spanish (16%), French (15%), German (14%) and British (4%) adults can name him as the European Council President, according to a Financial Times/Harris Poll research.

Looking ahead to the forthcoming elections, there is a growing rise of Euro-sceptic candidates. However, more than half of Germans (54%), almost half of Italians (46%) and more than two in five Spaniards (44%) and French (42%) say they are unlikely to vote for such a candidate in either the European parliament elections or local elections. British adults are a little more divided, as two in five (39%) say they are neither likely nor unlikely to vote for a Euro-sceptic candidate, while 36% are unlikely to do so and 25% are likely to do so.

When it comes to Angela Merkel’s re-election, two-thirds of French adults (67%), three in five British

adults (60%) and 56% of Germans all believe her reelection would be good for their country. Almost three in five Italians (58%) and 70% of Spaniards, however, think her re-election would be bad for their country, the report says.

Moving beyond the individual countries, two-thirds of German (67%) and French (68%) adults and 61% of Britons believe that Angela Merkel’s re-election would be good for Europe. Again, over half of Italians (55%) and almost two-thirds of Spaniards (64%) think her re-election would be bad for Europe.

When the new European Commission President is elected, over half of Italians

(58%) and Germans (54%) believe that this new President should be more powerful than the incumbent, Jose Manuel Barroso. Two-thirds of British adults (67%) believe he should be less powerful than the incumbent. Spaniards are closely divided, with 51% saying less powerful and 49% saying the new President should be more powerful, and French adults are evenly divided, with 50% each saying more and less powerful, according to the report.

Two-thirds of British adults (66%), over half of Spaniards (56%) and half of Germans (51%) say they would have a more positive view of the EU if it had fewer powers than it does now, while over half of Italians (56%) and French (57%) say they would not. Strong majorities in all five countries (between 60% in Spain and 83% in Great Britain) all say the EU governments should be able to restrict rights to benefits for citizens from other EU member states.

When it comes to Romanians and Bulgarians being given full rights to work in any other EU member state starting in January, 2014, three in five Spaniards (61%) and Italians (63%) approve of this, while 64% of Britons, 63% of French and 58% of Germans disapprove.

Young people in Switzerland are content and see very little need for reform The FINANCIAL

C

areers remain the central factor in the life of the 16- to 25-year-olds and it comes as no surprise that unemployment is one of the worries most commonly mentioned by young people, according to the Credit Suisse Youth Barometer survey.

Young people are focused on their own professional career s and on striving for security. School and education are tremendously important, and lifelong learning is indispensable for this generation. There is a general view that you will be successful if you enjoy your job and that you should switch career s if you don’t.

However, the realities of the labor markets in the US, Brazil and Singapore contradict these perceptions because the majority of people in these countries think you should be happy to have a job at all.

The situation in Switzerland, with its economic stability and dual educational system, is unique. Youth unemployment is lower than in other countries, and significantly more respondents are happy with their job situation than in other countries, according to Credit Suisse AG, one of the world’s leading financial services providers.

Swiss Young People Like their Country Swiss young people have optimistic, modern attitudes.

They are in a special position in many respects thanks to the country’s prosperity and its dual educational system.

More than their contemporaries, they are post-materialists and they still see their chances of realizing their own dreams as extremely high.

Today’s young people appear less secure about the future, but career s and education enjoy a high and increasing level of importance during this phase of life. A good work-life balance is essential in everything from career s and education to having a family. The mainstream of Swiss young people is still very focused on friends and families, and there is no indication that they are interested in political revolution. Their faith in the Swiss political system is even on the increase. For the first time, more than half of young people believe that government and administrative policies are usually effective in important matters. With regard to Switzerland’s problems, they think that the issues of immigration, integration of foreigners, and freedom of movement are becoming more

pressing. As in previous years, the most important problems include retirement planning (37%) and unemployment / youth unemployment (32%), the report says.

Differences Between Countries Compared with Brazil, the US, and Singapore, young people in Switzerland aspire more to intangible personal development and less toward public recognition. They are still concerned with pursuing their dreams and maintaining a work-life balance. Swiss young people are self-confident and proud of their country, giving it a higher rating for international reputation than the young people of any of the other countries. Switzerland was the only country in which protecting the environment was considered to be one of the most important issues.

Brazilians are strongly focused on advancing socially via their career s, while also being committed to solidarity and to protecting the environment. Religion also plays a major role in Brazil. Domestic political tensions may have affected Brazilian young people’s pride in their country, while they see tourism, culture, and upcoming major events as relevant to Brazil’s reputation abroad.

In the US, young people are somewhat less confident today than in previous years about their country and their own futures. Young Americans perceive their country as focusing inwardly and believe that it has a rather poor reputation overseas. The majority of them are nevertheless proud of their country, regardless of the opinion of other nationalities.

In Singapore, conformity and motivation, along with respect for their own country, are hallmarks of the young people’s attitudes toward life.

Interestingly, young people in Singapore expressed less optimism about their own futures than did their counterparts in the three other countries, but at the same time, more than three-quarters of them are confident that their country has a good reputation internationally. Singapore’s young people are especially concerned about issues related to immigration and foreigners, according to the report.

Around 1,000 young people ranging between 16 and 25 years of age in Switzerland, Brazil, the US, and Singapore were surveyed for the 2013 Credit Suisse Youth Barometer. The results provide an insight into lifestyle, problems, and attitudes among young people in the four countries.

CMYK

14

US Business in Georgia

HEADLINE NEWS & ANALYSIS

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US Business in Georgia 4 2

finchannel.com | 4 November, 2013 November 4, 2013

1

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Concert Tbilisi V. Sarajishvili State Conservatory (Small Stage) 8 Griboedov Str. Tel: 293-46-24 Tbilisi 2013 - Contemporary Music Evenings 19:00 - Gela Kandelaki’s Shadow Theatre Musikalisches Opfer: To Stockhausen (Admission Free)

From

3

Theatre

Tbilisi

TO

Day

Depart

Arrive

Flight#

Aktau

5.7

00:50

02:40

DV 842

Amsterdam

1.6

06:10

07:55

A9 651

Almaty

1.2.4.5.7

22:45;08:55

04:25+1;14:35

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1.4

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07:15

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Baku

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QR 975/977

Batumi

2.5.7

10:00;14:45

10:40;15:20

CRJ

Doha

DAILY

19:50;14:05

23:59;19:00

QR 975/977

Royal District Theatre 10 Abesadze Str. Tel: 299-61-71 Liv Stein Director: Nino Kharatishvili Cast: Nino Burduli, Gia Burjanadze, Tamar Mamulashvili, Kato Kalatozishvili, Iako Chilaia Duration: 100 minutes Date: November 4 Time: 20:00 Price: 10 GEL

4

Gallery

Exhibition «The Trace... Prometheus... Amiran...»

Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday.

From 11:00 till 17:00) till - November 10 Photo Exhibition «Anatomy of the Georgian Melancholy» by Lado Pochkhua D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - November 14 Exhibition «New Life of Eastern Collections».

On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working every day except Monday.

From 10:00 till 18:00 till - December 31

November 5, 2013

Dubai

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10:00

FZ 714

Istanbul

X2.3

06:20

06:40

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05:15;18:15

05:45; 18:45

TK 387/383

Istanbul

1.2.4.6

06:20

06:50

KK 320

Kiev

DAILY

07:50;17:30

08:20;17:55

PS 728

Minsk

DAILY

03:50;16:20

06:00;18:30

B2 736

Munich

DAILY

05:10

06:20

LH 2557

Paris

5

08:30

10:30

A9 627

Riga

1.6

07:00

08:35

BT 723

Rome

2.7

05:25

06:40

AZ 551

Tel-Aviv

2.3.4.7

17:25

18:10

A9 695

Vienna

4.7

08:55

09:25

A9 681

Urumqi

2.6

22:40

07:30+1

CZ 6040

Warsaw

2.3.5.7

05:40

06:15

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Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs.

Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Georgian folk ensemble «Urmuli», georgian dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Kankava Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

2

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Concert Tbilisi Concert Hall 1, Meliqishvilii Str. Tel: 299-05-99 Tbilisi Jazz Festival - 2013 20:00 - Avishai Cohen with Strings (Ticket Price: Balcony - 20, 30 GEL; Parterre: 50 GEL) Tbilisi Event Hall 1, Meliqishvilii Str. Tel: 299-00-99 Tbilisi Jazz Festival - 2013 22:00 - After Party: Tribute to Miles Davis - DJ Logic & Friends (ALL-IN Tickets)

3

Theatre

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Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 First Love Director: Nikoloz Heine-Shvelidze Cast: Levan Berikashvili, Zviad Papuashvili, Keti Khitiri Duration: 75 minutes Date: November 5 Hall: Experimental Stage Time: 19:00 Price: 6, 8 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Parade Ale!... - Premiere Director: Roland Kardava Cast: Natia Kavsadze Date: November 5 Hall: Small Stage Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Drunk Cherry - Premiere Autor and Director: Levan Tsuladze, Alexander Eloshvili Cast: Eka Chkheidze, Malkhaz Abuladze, Manana Kozakova, Barbare Dvalishvili, Dato Khurtsilava, Keti Tskhakaia, Onise Oniani Date: November 5 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Jeans Generation Director: Davit Doiashvili Cast: Marina Janashia, Nana Darchiashvili, Goga Chkheidze, Dima Merabishvili, Merab Kolbaia, Lela Metreveli, Jaba Kiladze, Mariam Nadiradze, Apolon Kublashvili, Sandro Margalitashvili Duration: 165 minutes Date: November 5 Time: 20:00 Price: 6, 12, 14 GEL Griboedov Theatre

2 Rustaveli Ave. Tel: 293-11-06 Mayakovski Director: Avtandil Varsimashvili Cast: Ivane Kurasbediani, Ludmila ArtemovaMghebrishvili, Nana Darchiashvili, Mikhail Arjevanidze, Apolon Kublashvili Date: November 5 Time: 18:00 Price: 5 GEL Georgian State Pantomime Theatre 37 Rustaveli Ave. Tel: 299-63-14 Krimanchuli Director: Amiran Shalikashvili Duration: 60 minutes Date: November 5 Time: 19:00 Price: 5 GEL

Cinema

4

Gallery

Exhibition «The Trace... Prometheus... Amiran...»

Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday.

From 11:00 till 17:00) till - November 10 Photo Exhibition «Anatomy of the Georgian Melancholy» by Lado Pochkhua D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - November 14 Exhibition «New Life of Eastern Collections».

On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working every day except Monday.

From 10:00 till 18:00 till - December 31

November 6, 2013

1

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations

by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!

Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of Georgian Estrada Gia Suramelashvili and live music: Estrada ensemble «Mghvime» (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock…

Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs.

Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «The Jumping General»»

2

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Cloudy with a Chance of Meatballs 2» 3D; «Stalingrad» 3D; «Mandarins»; «Insidious: Chapter 2»; «Gravity» 3D; «Planes» 3D; «In Bloom»; «Despicable Me 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Cloudy with a Chance of Meatballs 2» 3D; «About Time»; «Mandarins» (Ticket Price: 7,50 - 12,50 GEL)

Concert Tbilisi V. Sarajishvili State Conservatory (Small Stage) 8 Griboedov Str. Tel: 293-46-24 Tbilisi Wind Festival 2013 19:00 - Levan Tskhadadze - clarinet, Jackie Xiao and Ia Davitashvili - violin, Mariko Hara - viola, Ofer Canetti - cello (Ticket Price: 5 GEL)

3

Theatre

Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Host and Guest Director: Valerian Gorgoshadze Cast: Bacho Chachibaia, Manana Abramishvili, Ia Sukhitashvili, Levan Khurtsia, Gela Lezhava Duration: 135 minutes Date: November 6 Hall: Small Stage Time: 19:00 Price: 8, 10 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Parade Ale!... - Premiere Director: Roland Kardava Cast: Natia Kavsadze Date: November 6 Hall: Small Stage Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 After the Rehearsal - Premiere Director: Temur Kuprava Cast: Zurab Begalishvili, Keta Shatirishvili Date: November 6 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Drunk Cherry - Premiere Autor and Director: Levan Tsuladze, Alexander Eloshvili Cast: Eka Chkheidze, Malkhaz Abuladze, Manana Kozakova, Barbare Dvalishvili, Dato Khurtsilava, Keti Tskhakaia, Onise Oniani Date: November 6 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 The Kennel Director: Vano Khutsishvili Cast: Slava Natenadze Duration: 90 minutes Date: November 6 Time: 19:00 Price: 6, 10, 12 GEL

4

Gallery

Exhibition «The Trace... Prometheus... Amiran...»

Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday.

From 11:00 till 17:00) till - November 10 Photo Exhibition «Anatomy of the Georgian Melancholy» by Lado Pochkhua D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - November 14 Exhibition «New Life of Eastern Collections».

On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working every day except Monday.

From 10:00 till 18:00 till - December 31

November 7, 2013

1

Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Guliko Chanturia Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Good Company»

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Band’a’roll», DJ Datuna MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations

by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!

Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of Georgian Estrada Gia Suramelashvili and live music: Estrada ensemble «Mghvime» (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock…

Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Georgian folk ensemble «Urmuli», georgian dances

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Cloudy with a Chance of Meatballs 2» 3D; «Stalingrad» 3D; «Mandarins»; «Insidious: Chapter 2»; «Gravity» 3D; «Planes» 3D; «In Bloom»; «Despicable Me 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Cloudy with a Chance of Meatballs 2» 3D; «About Time»; «Mandarins» (Ticket Price: 7,50 - 12,50 GEL)

3

Theatre

Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 The Visitor Director: Gosha Gorgoshidze Cast: Bacho Chachibaia, Goga Barbakadze, Bachi Lezhava, Manana Abramishvili Duration: 100 minutes Date: November 7 Hall: Experimental Stage Time: 19:00 Price: 6 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 As You Like It Director: Levan Tsuladze Cast: Manana Kozakova, Nato Kakhidze, Ketevan Shatirishvili, Ketevan Tskhakaia, Nata Murvanidze, Tamar Bukhnikashvili, Davit Khurtsilava, Nika Kuchava, Zurab Berikashvili Duration: 120 minutes Date: November 7 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Toy Pistol Director: Giorgi Shalutashvili Cast: Ani Aladashvili, Giorgi Abashidze Duration: 75 minutes Date: November 7 Time: 19:00 Price: 6, 9, 12 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 The Deluge Director: Nugzar Gachava Cast: Nugzar Kurashvili, Ana Matuashvili, Vasil Sikhashvili, Aleko Alavidze, Andro Sarishvili Duration: 80 minutes Date: November 7 Time: 19:00 Price: 7, 10 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Emily’s Adventures - Premiere Director: Levan Koblianidze Cast: Khatia Melkadze, Nino Shushiashvili, Shalva Antelava, Maka Bardavelidze, Tsotne Saghinadze, Vasil Amurvelashvili, Sophia Achuashvili, Irine Kukuladze Duration: 60 minutes Date: November 7 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

4

Gallery

Exhibition «The Trace... Prometheus... Amiran...»

Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday.

From 11:00 till 17:00) till - November 10 Photo Exhibition «Anatomy of the Georgian Melancholy» by Lado Pochkhua D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - November 14 Exhibition «New Life of Eastern Collections».

On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working every day except Monday.

From 10:00 till 18:00 till - December 31

november 8, 2013

1

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations

by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!

Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.

Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs.

Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Restaurant is working 24 hours Entertainment at the restaurant «Mghvime» is colorful.

Every evening from 20:00 inextinguishable star of Georgian Estrada Gia Suramelashvili.

Estrada ensemble «Mghvime» (3 boys and one girl), tam-tam, violin.

During weekdays: Singer, composer Kaki Bolkvadze and hot Georgian and Asian dances Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Baratashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

2

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Cloudy with a Chance of Meatballs 2» 3D; «Stalingrad» 3D; «Mandarins»; «Insidious: Chapter 2»; «Gravity» 3D; «Planes» 3D; «In Bloom»; «Despicable Me 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Cloudy with a Chance of Meatballs 2» 3D; «About Time»; «Mandarins» (Ticket Price: 7,50 - 12,50 GEL)

Concert Tbilisi V. Sarajishvili State Conservatory (Small Stage) 8 Griboedov Str. Tel: 293-46-24 Tbilisi Wind Festival 2013 19:00 - Levan Tskhadadze - clarinet, Jackie Xiao - violin, Mariko Hara - viola, Ofer Canetti - cello, Georgian Sinfonietta (Ticket Price: 5 GEL)

3

Theatre

Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 The Hunting Season Director: Robert Sturua Cast: Ia Sukhitashvili, Goga Barbakadze, Levan Berikashvili, Zuka Papuashvili, Zaza Baratashvili Date: November 8 Hall: Grand Stage Time: 19:00 Price: 6 - 12 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Gronholm Method Director: Temur Chkheidze Cast: Eka Chkheidze, Nika Tavadze, Apolon Kublashvili, Aleko Makharoblishvili Duration: 150 minutes Date: November 8 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Wall Finger Theatre Director: Beso Kupreishvili Cast: Mariam Kvachadze, Zaal Kakabadze, Teona Maghalashvili, Giorgi Mebaghishvili, Elene Pirtskhalava, Grigol Gogoladze Duration: 50 minutes Date: November 8 Hall: Theatre in Attic Time: 20:00 Price: 6 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Flaming Lover Director: Tiko Katamashvili Cast: Salome Chulikhadze, Maraiam Nadiradze, Tiko Kordzadze Date: November 8 Time: 19:00 Price: 6, 9, 11 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 The Police Director: Zurab Getsadze Cast: Malkhaz Abuladze, Giorgi Kipshidze, Vano Tarkhnishvilli, Nika Tserediani, Temo Natroshvili Duration: 90 minutes Date: November 8 Time: 19:00 Price: 7 GEL Royal District Theatre 10 Abesadze Str. Tel: 299-61-71 Women of Troy Director: Data Tavadze Cast: Natuka Kakhidze, Kato Kalatozishvili,

Magda Lebanidze, Salome Maisashvili, Keta Shatirishvili Duration: 80 minutes Date: November 8 Time: 20:00 Price: 10 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Taxi Driver Givi’s Love Story Director: Malkhaz Aslamazashvili Cast: Bacho Kajaia, Gvantsa Kandelaki, Tamta Patashuri, Kako Roinishvili, Andro Sarishvili, Giorgi Ksovreli, Kakha Jokhadze, Zurab Iashvili Duration: 140 minutes Date: November 8 Time: 19:00 Price: 7, 10 GEL Gabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (MagtiFix), 298-65-90 Autumn of my Springtime Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: November 8 Time: 20:00 Price: 5, 10, 15, 20 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Kukaracha Director: Shalva Gatserelia Cast: Tamar Mamulashvili, Nino Lezhava, Kote Tolordava, Nino Archaia, Berta Khapava, Badri Gvazava, Nino Lortkifanidze, Nikoloz Kvantaliani, Vahtang Chachanidze Duration: 110 minutes Date: November 8 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL Georgian State Pantomime Theatre 37 Rustaveli Ave. Tel: 299-63-14 Host and Guest Director: Amiran Shalikashvili Duration: 50 minutes Date: November 8 Time: 19:00 Price: 10 GEL

4

Gallery

Exhibition «The Trace... Prometheus... Amiran...»

Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday.

From 11:00 till 17:00) till - November 10 Photo Exhibition «Anatomy of the Georgian Melancholy» by Lado Pochkhua D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - November 14 Exhibition «New Life of Eastern Collections».

On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working every day except Monday.

From 10:00 till 18:00 till - December 31

November 9, 2013

1

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Veriko Turashvili & Live Band, DJ Datuna MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations

by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!

Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Restaurant is working 24 hours Entertainment at the restaurant «Mghvime» is colorful.

Every evening from 20:00 inextinguishable star of Georgian Estrada Gia Suramelashvili.

Estrada ensemble «Mghvime» (3 boys and one girl), tam-tam, violin.

During weekdays: Singer, composer Kaki Bolkvadze and hot Georgian and Asian dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.

Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs.

Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Keti Paresashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

2

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Cloudy with a Chance of Meatballs 2» 3D; «Stalingrad» 3D; «Mandarins»; «Insidious: Chapter 2»; «Gravity» 3D; «Planes» 3D; «In Bloom»; «Despicable Me 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Cloudy with a Chance of Meatballs 2» 3D; «About Time»; «Mandarins» (Ticket Price: 7,50 - 12,50 GEL)

3

Theatre

Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Soldier, Love, Bodyguard and... the President Director: Robert Sturua Cast: Nino Arsenishvili, Goga Barbakadze, Paata Guliashvili, Beso Zanguri, Nino Tarkhan-Mouravi, Gagi Svanidze, Ia Sukhitashvili, Nika Katsaridze Duration: 170 minutes Date: November 9 Hall: Grand Stage Time: 19:00 Price: 6 - 12 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Mixed Emotions Director: Sandro Eloshvili Cast: Duta Skhirtladze, Keti Tskhakaia Date: November 9 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 After the Rehearsal - Premiere Director: Temur Kuprava Cast: Zurab Begalishvili, Keta Shatirishvili Date: November 9 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 God! Save us and People Director: Avto Varsimashvili Cast: Kakha Mikiashvili, Apolon Kublashvili, Dima Merabishvili, Tiko Kordzadze, Mariam Nadiradze, Salome Chulikhadze Date: November 9 Time: 20:00 Price: 6, 12 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Clean House Director: Nini Chakvetadze Cast: Nino Burduli, Zaza Vashakmadze, Salome Maisashvili, Eka Chkheidze, Darejan Khachidze Duration: 90 minutes Date: November 9 Time: 19:00 Price: 7 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 The Winter’s Tale Director: Vakhtang Nikolava Cast: Irina Meghvinetukhutsesi, Sofia Lomjaria, Mikhail Arjevanidze, Archil Baratashvili, Ludmila Artyomova-Mghebrishvili, Oleg Mchedlishvili Duration: 100 minutes Date: November 9 Time: 18:00 Price: 5 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Wonders of the Magic Director: Goga Tavadze Cast: Zura Avsajanishvili, Akaki Khidasheli, Anna Matuashvili, Kakhi Jokhadze Duration: 105 minutes Date: November 9 Time: 19:00 Price: 7, 10 GEL Gabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (MagtiFix), 298-65-90 Autumn of my Springtime Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: November 9 Time: 20:00 Price: 5, 10, 15, 20 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Emily’s Adventures - Premiere Director: Levan Koblianidze Cast: Khatia Melkadze, Nino Shushiashvili, Shalva Antelava, Maka Bardavelidze, Tsotne Saghinadze, Vasil Amurvelashvili, Sophia Achuashvili, Irine Kukuladze Duration: 60 minutes Date: November 9 Hall: Big Stage Time: 13:00 Price: 7, 10 GEL Natsarkekia Director: Dimitri Khvtisiashvili Cast: Khatia Melkadze, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Paata Mkheidze, Vakhtang Nozadze, Nino Lortkifanidze, Paata Kikvadze, Kakha Tcholadze Duration: 90 minutes Date: November 9 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL Irine’s Happiness Director: Dimitri Khvtisiashvili Cast: Vameh Jangidze, David Khakhidze, Kote Tolordava, Levan Katsiashvili, Vakhtang Nozadze, Ioseb Molodinashvili, Nino Lortkifanidze, Pavle Nozadze, Paata Kikvadze Duration: 90 minutes Date: November 9 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL The Zoo Story Director: David Tchakhrakia Cast: Gigi Migriauli, Giorgi Goguadze Duration: 80 minutes Date: November 9 Hall: Experimental Stage Time: 20:00 Price: 7, 10 GEL

Gallery

Exhibition «The Trace... Prometheus... Amiran...»

Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday.

From 11:00 till 17:00) till - November 10 Photo Exhibition «Anatomy of the Georgian Melancholy» by Lado Pochkhua D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - November 14 Exhibition «New Life of Eastern Collections».

On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working every day except Monday.

From 10:00 till 18:00 till - December 31

November 10, 2013

1

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.

Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs.

Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Restaurant is working 24 hours Entertainment at the restaurant «Mghvime» is colorful.

Every evening from 20:00 inextinguishable star of Georgian Estrada Gia Suramelashvili.

Estrada ensemble «Mghvime» (3 boys and one girl), tam-tam, violin.

During weekdays: Singer, composer Kaki Bolkvadze and hot Georgian and Asian dances Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Georgian folk ensemble «Urmuli», georgian dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

2

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Cloudy with a Chance of Meatballs 2» 3D; «Stalingrad» 3D; «Mandarins»; «Insidious: Chapter 2»; «Gravity» 3D; «Planes» 3D; «In Bloom»; «Despicable Me 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Cloudy with a Chance of Meatballs 2» 3D; «About Time»; «Mandarins» (Ticket Price: 7,50 - 12,50 GEL)

3

Theatre

Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Is He a Human, this Man?!

Director: Robert Sturua, Andro Enukidze Cast: Davit Darchia, Tatuli Dolidze, Marina Kakhiani, Janri Lolashvili, Tristan Saralidze, Davit Uflishashvili, Darejan Kharshiladze, Nanuka Khuskivadze Duration: 100 minutes Date: November 10 Hall: Grand Stage Time: 19:00 Price: 6 - 12 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Landscape’s Lack of Warmth Director: Dimitri Khvtisiashvili Cast: Eka Chkheidze, Varlam Korshia, Lile Philphani, Dimitri Tatishvili Duration: 120 minutes Date: November 10 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Beautiful Georgian Woman Director: Avto Varsimashvili Cast: Goga Barbakadze, Tamuna Nikoladze, Keta Lortkipanidze, Kakha Mikiashvili, Jaba Kiladze, Apolon Kublashvili, Mariam Jologua, Mamuka Mumladze Date: November 10 Time: 19:00 Price: 6, 13, 15 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 The Man and the Woman Director: Nana Kvaskhvadze Cast: Guram Laliashvili, Ilia Cheishvili, Tamri Bziava, Gagi Shengelia, Nutsa Mchedlishvili, Nini Kvaskhvadze Duration: 60 minutes Date: November 10 Hall: Small Stage Time: 19:00 Price: 7 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Chipollino Director: Gogi Todadze Cast: Jemal Sikharulidze, Mikhail Arjevanidze, Valentina Voinova, Ludmila ArtyomovaMghebrishvili Duration: 70 minutes Date: November 10 Time: 12:00 Price: 5 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Vazha Director: Otar Bagaturia Cast: Gia Japaridze, Anna Matuashvili, Gvantsa Kandelaki, Khatia Melkadze, Jaba Japaridze, Beknu Kapianidze, Zurab Iashvili, Zurab Avsajanishvili, Vazha Tsitsiloshvili Duration: 80 minutes Date: November 10 Time: 19:00 Price: 7, 10 GEL Gabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (MagtiFix), 298-65-90 Autumn of my Springtime Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: November 10 Time: 20:00 Price: 5, 10, 15, 20 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Natsarkekia Director: Dimitri Khvtisiashvili Cast: Khatia Melkadze, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Paata Mkheidze, Vakhtang Nozadze, Nino Lortkifanidze, Paata Kikvadze, Kakha Tcholadze Duration: 90 minutes Date: November 10 Hall: Small Stage Time: 12:00 Price: 7, 10 GEL Emily’s Adventures - Premiere Director: Levan Koblianidze Cast: Khatia Melkadze, Nino Shushiashvili, Shalva Antelava, Maka Bardavelidze, Tsotne Saghinadze, Vasil Amurvelashvili, Sophia Achuashvili, Irine Kukuladze Duration: 60 minutes Date: November 10 Hall: Big Stage Time: 13:00 Price: 7, 10 GEL The Barber of Seville Puppet Opera Theatre «Ptskala» Director: Beso Kupreishvili Cast: Malkhaz Gabunia, Zaal Kakabadze, Teona Maghalashvili, Elene Pirtskhalava, Giorgi Mebaghishvili, Mariam Avalishvili Duration: 50 minutes Date: November 10 Hall: Small Stage Time: 16:00 Price: 7, 10 GEL The Winter’s Tale Director: Data Tavadze Cast: Tamar Mamulashvili, Vameh Jangidze, David Khakhidze, Pavle Nozadze, Mariam Chukhrukidze, Rati Goguadze Duration: 150 minutes Date: November 10 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

4

Gallery

Exhibition «The Trace... Prometheus... Amiran...»

Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday.

From 11:00 till 17:00) till - November 10 Photo Exhibition «Anatomy of the Georgian Melancholy» by Lado Pochkhua D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - November 14 Exhibition «New Life of Eastern Collections».

On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working every day except Monday.

From 10:00 till 18:00 till - December 31

For more information, please, visit the following website: www.info-tbilisi.com E-mail: afisha@info-tbilisi.com

CMYK

16

HEADLINE NEWS & ANALYSIS

US Business in Georgia TBC Bank Tbilisi Branches Tbilisi #9 Service Center in Zahesi (Customs Terminal) 0125, 105 A, Mshvidoba St. Vake Branch #1 0179, 41, Abashidze St. Central Branch 0179, 11, Chavchavadze Ave. Chavchavadze Branch #1 0179, 29/31/33, Chavchavazde Ave Vera Branch 0179, 31, Melikishvili St. Parliament Service Center 0118, 8, Rustaveli Ave Mtatsminda Branch 0105, 1, Rustaveli Ave. Rustaveli Service-Center 0108, Marriot hotel Rustaveli Branch #1 0108, 44, Rustaveli Ave. Mtatsminda Branch #2 0105, 22, Leselidze St. Rustaveli Branch #2 0105, 52, Rustaveli Ave. Avlabari Branch #1 0103, 2, Ketevan Tsamebuli Ave. Varketili Branch #1 Javakheti St. Isani Branch 0120, 67, K. Tsamebuli Ave. Vazha-Pshavela Branch #2 0186, 73, Vazha-Pshavela Ave. Vazha-Pshavela Branch #1 0160, 11, Vazha-Pshavela Ave Saakadze Branch 0160, 6, Shartava St. (Saakadze Sq.) Saburtalo Branch 0160, 12, Al. Kazbegi Ave. Tbilisi Central Service Center 0112, Vagzali Sq. 2 Agmashenebeli Branch #1 0102, 138, Agmashenebeli Ave. Marjanishvili Branch #2 0102, 16, Marjanishvili St. Tamar Mepe Branch 0112, 7, Tamar Mepe Ave. Head Office & Marjanishvili Branch 0102, 7, Marjanishvili St. Tsereteli Branch #2 0119, 73a, Tsereteli Ave. Didube Branch 0119, 117, Tsereteli Ave. Digomi Branch in shop («My House») 0131, Agmashenebeli Alley, 12th km, furniture shop «My House» Digomi Branch in “Goodwill” 0131, 1, Parnavaz Mepe Ave. (Hypermarket Goodwill) Nadzaladevi Branch 0180, 109, Dadiani Ave. Gldani Branch 0172, Mukhiani Settlement, Plot 1/6 Tbilisi Airport Service Center 0158, Tbilisi National Airport

Tbilisi ATMs Vazisubani Vazisubani III dstr., II Blk. Sanzona 50, Guramishvili Ave. Nikora Store Vake 11, Chavchavadze Ave. Vake Branch 1, Tamarashvili St. Pharmacy “36.6” 34, Chavchavadze Ave. Trading Center “Pixel” 7, Kipshidze St. 41, Abashidze St. Vake Service Center #1 29, Chavchavazde Ave. TBC Bank Branch 59, Paliashvili St. “Simba” Supermarket 50, Chavchavadze Ave. 15, Phaliashvili St. Aversi Pharmacy Vera 7, Kostava St. 36, Kostava St. Cinema “Amirani” 8/1, Akhvlediani Ave 18, Melikishvili St. 60, Barnovi St. “Fresh Market” 31, Melikishvili St. TBC Bank branch Mtatsminda 13, Rustaveli Ave. Hotel «Tbilisi Marriot» 11, Rkinis Rigi Acura Billiard Room 5, Rustaveli Ave. Rustaveli Cinema 4, Freedom Square 22, Leselidze St. TBC Bank branch 52, Rustaveli Ave. TBC Bank branch 44, Rustaveli Ave. TBC Bank branch 1, Rustaveli Ave. TBC Bank branch Avlabari 84, K. Tsamebuli Ave. 2, K. Tsamebuli Ave. TBC Bank branch Navtlugi 2, Cholokashvili St. “36.6” Pharmacy Varketili 34a, Kakheti Highway 44, Javakheti St. (Varketili Metro) Varketili 3, 4th m/r.

Javakheti St. TBC Bank branch Isani-Samgori 39a, Moscow Ave. 169, Khmelnitski St. Supermaket “Isani” subway station 67, K.Tsamebuli Ave. TBC Bank branch Saburtalo 40, Vazha Pshavela Ave. ESM Tbilisi 67, Vazha Pshavela Ave. «Nikora» Shop 68, Kostava St. Public Television Building 22, Bakhtrioni St. 53, Saburtalo St. Nikora store 12, Al. Kazbegi Ave. At Saburtalo Branch 74, Kostava st.

Shop “Caesar” Z. Zhvania Sq., 45, Gamsakhurdia Ave. “PSP” Pharmacy 1, Nutsubidze St. 52, Vazha-Pshavela Ave. Mobi Shop Riverside named after H. Aliev At Wissol gas station Turn at 4th Plateau of Nutsubidze 179, Nutsubidze St. “PSP” Pharmacy 26, Kazbegi Ave. Shop “Planeta Z” Vazha-Pshavela V Blk, 4 Bld. 29, Gamsakhurdia Ave. Shop “Okaidi” 6, Shartava St. 4, Gamsakhurdia Ave. 11, Vazha-Pshavela Ave TBC Bank Branch 11, Mitskevichi St. Supermarket 29b, Kazbegi Ave. 73, Vazha-Pshavela Ave. TBC Bank branch 11/5, Dolidze St. Supermartket “Mango” Chugureti 39, Chitaia St. Aversi Pharmacy 7, Marjanishvili St. Marjanishvili branch 19 Tsabadze St. Trade center «Pasazhi» 8, Tsabadze St. Trade center «Kidobani» 4, Khetagurov St. Humana Pharmacy 16, Marjanishvili St. TBC Bank branch 4, Chubinashvili St. Aversi Pharmacy Didube 73a, Tsereteli Ave. At #2 Didube Branch

114, A. Tsereteli Ave. «Coca-Cola» 117, Tsereteli Ave. At Didube Branch 82, Tamar Mepe Ave. “MedService” Pharmacy 1, Tsereteli Ave. Trading Center “Panda” 7, Tamar Mepe Ave. TBC Bank branch 138, Agmashenebeli Ave. TBC Bank branch 12, Kereselidze St. “Megaline” Trading Center Digomi Digomi District 3/2 Digomi District II BLK. Building 7 Digomi District, 3rd blk.

D. Agmashenebeli Alley “Lukoil” Gas station Didi Digomi Entrance of Didi Digomi Trade center GOODWILL 12th Km, Agmashenebeli Alley.

Shop “Chemi Sakhli” Nadzaladevi 106, Ts. Dadiani Ave. Nadzaledevi Branch 321, Ts. Dadiani Ave. Aversi Pharmacy 144, Ts. Dadiani Ave. Supermarket Temka Temka, 10th Block, BLD. 2.

Gldani Gldani District 1st blk.

Supermarket “Bingo” Akhmeteli Metro Trading Center “Mariami” Mukhiani Settlement, Plot 1/6 TBC Bank branch Mukhiani Mukhiani III MKR, Dumbadze Ave., BLK.5a Mukhiani II M/R, Noneshvili St., BLk. 5 “Red A” Pharmacy Avchala 3, Sarajishvili St. “Alfa Express” Ortachala 39, V. Gorgasali St. 28, Gorgasali St. Airport Tbilisi International Airport

Regional ATMs Samtredia 5, Chavchavadze S. Lagodekhi 1, Cholokashvili St. Beko Zestaphoni 39, Agmashenebeli St. Natakhtari Natakhtari Brewery Tsnori 2, Stalin St. Zugdidi 32(30) Z. Gamsakhurdia Ave. TBC Bank branch Gori 13, Stalin Ave. TBC Bank branch Bakuriani 26, Agmashenebeli St. Pharmacy “Red A” Gudauri Bar “Gagieti” Sighnaghi 1, Lolashvili St. TBC Bank Branch Agara 1, Cholokashvili St. Mtskheta 11a, Samkhedro St. Shop “Nikora” Kobuleti 500 a, Agmashenebeli St. Rustavi 14, Megobroba Ave. Rustavi Branch 19, Rustavi Highway, bld. 2 Aversi Pharmacy M.I.A. Service Agency 12/14, Meskhishvili St. Supermartket 15, Kostava St. “Aversi” Pharmacy Telavi 27, Rustaveli St. Telavi Branch 3, K. Tsamebuli St. Shop “Limbo” Borjomi 121, Rustaveli St. TBC Bank branch Kutaisi 59, Tamar Mepe St. 21a, Chavchavadze Ave. 98, Youth Ave. 3, Automsheni St. 47/1-3 Agmashenebeli Ave. and Dumbadze St. crossroads 1, Nikea St. “Nikeos” Supermarket 35/1a, Paliashvili and Columbia Missouri St. TBC Bank branch 14, Grishashvili St. Pharmacy 62, Chavchavadze Ave. TBC Bank branch Batumi 44, Chavchavadze Ave. Nikora Store 37, Zubalashvili St. TBC Bank branch 78/80 Javakhishvili St. 63, M. Abashidze St. 14a, Inasaridze St. 30, Agmashenebeli St. 57/59, Era St. TBC Bank branch 10, Rustaveli St. TBC Bank branch Khelvachauri 21a, Agmashenebeli St. Poti 22, D.Agmashenebeli St. 13 Lagrange St. Nikoladze Square.

18, Samegrelo St. 15/3 Gegidze St. TBC Bank branch

CONSTANTA Bank Branches and ATMs Tbilisi Sadguri Branch 137, Tsinamdzgvrishvili Street Varketili Branch 20, Vazisubani turn Isani Branch 84/86, Ketevan Tsamebuli Avenue Gldani Branch The right side of the Akhmeteli Subway Didube Branch 117, Tsereteli Ave Lilo Branch 2, Chirankhuli Str. Saburtalo branch 28, Vaja-Pshavela Str. Baratashvili Branch 2, Baratashvili Str.

Regions Rustavi Branch 4, Shartava Str. Marnuli Branch 72, Rustaveli Str. Bolnisi Branch 110, Sulkhan-Saba Str. Gurjaani Branch 1, Noneshvili Str. Tsnori Branch 40, Agmashenebeli Str. Lagodekhi Branch 15, M. Kostava Str. Gardabani Branch 50, D. Agmashenebeli Str. Sagarejo Branch 25, D. Agmashenebeli Str. Telavi Branch

5,Tchavchavadze Str. Dedoplistskaro Branch 62,Stalini Str. Kvareli Branch 36, Mardjanishvili Str. Akhmeta service-center 15, Rustaveli Str. Kaspi Branch 2, Agmashenebeli Str. Gori Branch 2, Tskhsinvali Highway Khashuri Branch 2, Imereti Str. Mukhrani service-center Mtsketa, Mukhrani village, Borjomi Branch 145, Rustaveli Str. Akhaltsikhe Branch 8, Iadze Str. Akhalkalaki Branch 19/1, Rustaveli Str. Zestaponi Branch 27, Agmashenebeli Str. Kutaisi Branch 95, Rustaveli Str. Samtredia Branch 10, Rustaveli Str. Terjola Branch 82, Rustaveli Str. Poti Branch 22, Agmashenebeli Str. Batumi Branch 20 , Selim Khimshiashvili Str. Tsalka Brach 10, Aristotele Str.

Bank of Georgia Tbilisi Mtatsminda-Krtsanisi 3 Pushkin Str. 4 Leselidze Str. 38 Tabukashvili Str. 7 Pushkin Str. 1 Vekua Str. 3 Pushkin Str. Vake-Saburtalo 24 Kostava Str. 29 Vazha-Pshavela Ave. 7 Kipshidze Str. 14 Gamsakhurdia Ave. 22 Bakhtrioni Str. 72/12 I.Abashidze Str. 70 Kostava Str. Sheraton Metheki Palace 10 Melikishvili Ave. 62 Chavchavadze Ave. Mtatsminda-Krtsanisi 8 Rustaveli Ave. (Parliament) 38 Tabukashvili Str. 19 Rustaveli Ave. 4 Freedom Square (Courtyard Marriott) Metro Station “Tavisuplebis Moedani” Metro Station “Rustaveli” 3 Vekua Str. (Populi City) 37 Gorgasali Str. Ortachala Radisson SAS Iveria Hotel Isani-Samgori 10 Ketevan Tsamebuli Ave. 80 Ketevan Tsamebuli Ave. 7 Kalaubani Str. Airport Metro Station “Avlabari” Metro Station “300 Aragveli” Metro Station “Samgori 1” Metro Station “Samgori 2” Metro Station “Varketili” Metro Station “Isani” Temqa Block 10, Bulding 25 44 Moskovi Ave. Vazis ubani block 4 (“Populi”) Vake-Saburtalo 41 Vazha-Pshavela Ave. 23 Chavchavadze Ave. 70 Kostava Str. 16 Gamsakhurdia Ave. 7 Petritsi Str. Melikishvili Str. 10 Gldani-Nadzaladevi 39 Tsotne Dadiani Str. 5 Tornike Eristavi Str. (“Electroplast”) Shopping Mall “Mariami”, Gldani Metro Station “Akhmeteli” Metro Station “Grmagele” Metro Station “Nadzaladevi” Metro Station “Sarajishvili” Metro Station “Guramishvili” Mukhiani, Block 4, Bulding 4 34 Tsotne Dadiani Str., Bulding 8 Metro Station “Elektrodepo” Vake-Saburtalo 1a Bulachauri Str. Metro Station “Politeknikuri Instituti 1” Metro Station “Politeknikuri Instituti 2” Metro Station “Vazha-Pshavela” Metro Station “Sameditsino Instituti 1” Metro Station “Sameditsino Instituti 2” Didube-Chugureti 99 Tsereteli Ave. 18 Tamar mefis Ave. 60 Tsereteli Ave. 83/23 Davit Agmashenebeli Ave. 142 Davit Agmashenebeli Ave. 19 Tsabadze Str. (“Pasazhi”) 12 Kereselidze Str. 1st turn (“Megaline”) 137 Tsinamdzgvrishvili Str. 127 Davit Agmashenebeli Ave. Metro Station “Vagzlis Moedani” Metro Station “Vagzlis Moedani 3” Metro Station “Tsereteli” Metro Station “Didube” Metro Station “Marjanishvili” 3 Vagzali Str. Gldani-Nadzaladevi Gladni 1 Vekua Str., Block “a” 38 Guramishvili Ave. Batumi 58 Memed Abashidze Str. 18 Zubalashvili Str. 11 Ninoshvili Str. (Hotel “Intourist Palace”) Ozurgeti 18 Guria Str. Zugdidi 90 Rustaveli Str. 54 Kostava Str. Poti 30 Davit Agmashenebeli Str. 2 Parnavaz Mepe Str. Kutaisi 17 Tsminda Nino Str. 1 Tsereteli Str. 56 Chavchavadze Str. 124 Rustaveli Str. Tskaltubo 11 Avaliani Str. Tkibuli 55 Gamsakhurdia Str. Terjola 4 Shotadze Str. Chiatura 16 Ninoshvili Str. Gori 14 Stalini Str. Bakuriani 1 Mta Str. Khashuri 2 Dzneladze Str. Akhaltsikhe 25 Kostava Str. Rustavi 8 Baratashvili Str. 10 Megobroba Str. 23 Kostava Str. Tetritskaro 37 Tamar Mepe Str. Tsalka 71 Kostava Str. Marneuli 65 Rustaveli Str. Gardabani 76 Davit Agmashenebeli Str. Bolnisi 110 Sulkhan-Saba Str. Gurjaani 12 Noneshvili Str. Zestaponi 59 Agmashenebli Str. Senaki 78 Chavchavadze Str. Kvareli 34 Chavchavadze Str. Kobuleti 1 Ninoshvili Str. Akhalkalaki 35 Nalbandiani Str. Telavi

6 Chavchavadze Str. Kaspi 78 Stalini Str. Batumi Airport 21 Agmashenebi Str. Signagi 15 9 Aprili Str. Poti Kokaia Alley 1 Str.(Customs “Dasavleti”) Gori 3 Stalini Str. (Populi) Kutaisi 143 Rustaveli Str. (Populi) Khelvachauri 82 Agmashenebi Str. Sagarejo 17 Agmashenebeli Str. Batumi 10 khimshishvili Str. (Hotel “Marina”) Borjomi 1 Rustaveli square Samtredia 21 Javakhishvili Str. Khulo 16 Abashidze Str Batumi 3 Settlement Tamari Tskneti 3 Rustaveli Str. Mtskheta 12 Samkhedro Str. Lanchkhuti 101 Zhordania Str. Sachkhere 4 Agmashenebeli Str. Keda 13 Tbel Abuseridzis Str. Batumi 58 Memed Abashidze Str. Gardabani Martkopi (Vaziani) Gori 43 Samephos Str. Kaspi 2 Farnavazis Str. “Kaspicementi” Rustavi 70 Mshenebelta Str. “Rustavcementi” Tbilisi Kakheti Highway 112 km. (Lilo) Holiday Inn Hotel Batumi Rustaveli Str. 28 “Batumi Sheraton” Rustavi Tsiteli Khidi Highway 21 km

ATM’s Tbilisi Vake 8 Mtskheta Street 12 eristavi street 72/12 Abashidze Street 48 Chavchavadze Avenue 22/23 Chavchavadze Avenue 22/23 Chavchavadze Avenue 62 Chavchavadze Avenue 50 Chavchavadze Avenue 52 Chavchavadze Avenue 22 Chavchavadze Avenue 78 Chavchavadze Avenue 7 Kipshidze Street 9a nafareuli street 13 Kipshidze Street 2 Berdzenishvili Street 41 abashidze street 81/9 Abashidze Street 3 Tamarashvili Street Tamarashvili Street 16 Phaliashvili Street Tskneti 3 Rustaveli Street 2 Rustaveli Street Saburtalo 67 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 2 Vazha-Pshavela Avenue 27b Vazha-pshavela avenue 27a Vazha-Pshavela Avenue 17 Vazha-Pshavela Avenue 27 Vazha-Pshavela Avenue 72 Vazha-Pshavela Avenue Vazha-Pshavela Avenue, II Block 35/37 Shartava Street 7 Shartava Street 21 Dolidze Street vakhushti bridge Saakadze square Samedicino Vazha-Pshavela Politeqnikuri 1 Politeknikuri 2 17a Saburtalo Street 37 Saburtalo Street 70 Kostava Street 70 Kostava Street 26 maisi street 1 26 May square Kostava Street 44 Khazbegi Avenue 10 Khazbegi Avenue 13 Khazbegi Avenue 14 Khazbegi Avenue 12 Khazbegi Avenue bagteriofagi 8 a mitschkevichi street 19 Gamrekeli Street 23 kandelakis street 43 Gamsakhurdia Avenue. gagarini 16 Gamsakhurdia Avenue 2 Gamsakhurdia Avenue 14 Gamsakhurdia Avenue 1a Bulachauri Street 3 mk.2 kv. Nucubidze 175 Nutsubidze Street 221 Nutsubidze Street 25 nutsubidze street Nutsubidze plato III mr. II kv 1 Sandro Euli Street 13 Bakhtrioni Street 22 Bakhtrioni Street 6 Phanaskerteli Street 16 Chikovani Street 25 Kavtaradze Street 4 Gabashvili Street 5 Jikia Street Mtatsminda 2 Freedom Square mtawminda square 3 Pushkin Street 3 Pushkin Street 3/1 Pushkin Street 3 Pushkin Street Tavisuplebis Moedani 7 Pushkin Street 4 Freedom Square 12 Chanturia Street Rustaveli 16 Rustaveli Avenue 8 Rustaveli Avenue 19 Rustaveli Avenue 37 Rustaveli Avenue 2 Leonidze Street 22 Leselidze Street 4, Leselidze Street 38 Tabukashvili Street 2 Baratashvili Street 7 Ingorokva Street GTC 8 Erekle II Street 13 Savteli Streer 20 Akhvlediani street 1 Vekua Street 40 Khetagurovi street rose squire rose squire Vera 28 petriashvili street 25 Kostava Street 24 Kostava Street 44 Kostava Street 1 Khorava Street 10 Kekelidze Street 8 Kuchishvili Street 50 Gogebashvili Street 13 Melikishvili Street 10 Melikishvili Street 10 Melikishvili Street Gldani-Nadzaledevi 2 gudamakhari street Gldani V m/r Block14 Gldani III m/r 2 Khizanishvili Street 2 Dadiani Street 7 Dadiani street 34 Dadiani Street 151 Dadani Street 21 Sarajishvili Street Sarajishvili Grmagele Guramishvili 38 Guramishvili Avenue

FINANCIAL

4 November, 2013 | finchannel.com 33a GuramiSvili avenue 84 Guramishvili Avenue 7 Guramishvili Avenue 84 Guramishvili Avenue Peikrebi street Mukhiani, IV m/r, 4 block Dumbadze str IV m/r, Block 5 Nadzaladevi Nadzaladevi metro Square 15 Khizanishvili Street 31 Khizanishvili Street metro axmetelis mimdebare. mariami metro axmetelis mimdebared 1 Vekua Street 1 Vekua Street Akhmeteli Temka 10 Kv, Block 25 Temka samshobiaro saxli # 5 mimd 34 Khosharauli Street Didube-Chugureti 8 tsabadze street 17 Uznadze Street 1 Tsereteli avenue 60 Tsereteli Avenue 55 Tsereteli Avenue 95 Tsereteli Avenue 110 Tsereteli Avenue 99 Tsereteli Avenue 118 Tsereteli Avenue 118 Agmashenebeli Avenue 127 Agmashenebeli Avenue 80 Agmashenebeli Avenue 96 Agmashenebeli Avenue 1 Agmashenebeli Avenue 89/24 Agmashenebeli Avenue 86/90 Agmashenebeli Avenue 15 Tamar Mepe Avenue 10 Tamar Mepe Avenue 20 General Kvinetadze Street 5 marjanishvili street Marjanishvili 83/23 Agmashenebeli street 1 Chitaia Street 19 Tsabadze Street, pasage 2 Chkheidze Street Tbilisi central Tsereteli Vagzlis moedani 2 Vagzlis Moedani 1 Vagzlis Moedani 2 19 Agladze Street 2 Vagzlis Moedani 95 Tsinamdzgvrishvili Street 137 Tsinamdzgvrishvili Street Mtkvari Left Riverside (mushtaedi) 1 chaladze street Digomi 8 chachava street Military Base (vashlijvari) Digomi II kv. 5 Block Digomi Block V, I a Building 11 George Balanchini Street Agmashenebeli alley II km Agmashenebeli alley 9 km.

Agmashenebeli alley Didi Digomi way.

Digomi village way (vashlijvari) 8 Petritsi Street 7 Petritsi Street 10/12 Godziashvili Street Vashlijvari Agmashenebeli alley 13 km 6 gelovani avenue 5 Lubliana Street Isani-Samgori Isani Samgori 1 Samgori 2 Varketili Varketili 3, IVm/r, near by 410 Building 1 Khomleli street 64 Javakheti street Vazisubani IV m/r I block, petefi str.

Vazisubani IV m/r I block 2 Landia street 300 Aragveli Kakheti Highway 21km 60 Kakheti Highway Military Base (alekseevka) Military Base (alekseevka) AIR 3a Khomleti Street 10 Ketevan Tsamebuli Avenue 80 Ketevan Tsamebuli Avenue 51a Ketevan Tsamebuli Avenue 4 Kiziki Street Airport Airport Airport Military Base (vaziani2) 7 Kalaubani Street 7 Kalaubani Street 14 Kalaubani Street 39 Moscow Avenue 17 chichinadze street 44 Moscow Avenue 10 Telavi Street Avlabari Avlabari Metro Square 8/10 Chekhov Street 23 Shuamta Street 155 bogdan khmelnitski street 6/4 Naftlukhi Street Atskuri, isnis metros mimdebare Kairo & Javakheti Street 64 Melaani Street 1 Abdushelishvili street 122 Kakheti Highway market lilo 113 gakhokidze street 38 Kakheti Highway Krtsanisi 41 Gorgasali Street 39 Gorgasali Street Military Base (krtsanisi)2 Military Base (krtsanisi) 16 Gorgasali Street 16 Gorgasali Street 6 Gorgasali Street 77 Gorgasali Street 117 Gorgasali Street 37 Gorgasali Street 19/2 Rustavi Highway 7 a krtsanisi street 10 Gulua Street Kodjori military base Mtskheta 23 arsukidze street Bebriscixis mimdebared 12 samxedro street Gudauri Rustavi 10 Megobroba Street 16 Mshenebelta Street 16 Kostava Street 23 Kostava Street 4 Shartava Street 8 Baratashvili Street 4 mshvidoba street 4 mshvidoba street 14 gagarini street Gardabani 25 agmashenebeli street 76 Agmashenebeli Street Marneuli 65 Rustaveli Street Old Military Area Bolnisi 113 Sulkhan-Saba Street Tsalka 71 Kostava Street Tetri tskaro 37 Tamar mepe Streer Telavi 60 Agmashenebeli Streer 6 Chavchavadze Street 2 erekle II street 6 Erekle II Street 9 Agmashenebeli Streer Lagodekhi 3 zakatala street 45 rustaveli street 15 9 April Street 1 kudigori street 34 Chavchavadze Street 12 Noneshvili Street 17 Agmashenebeli Streer Khashuri 190 borjomi street 2 Dzneladze Street Gori 2 Ertoba Street 14 Stalini Street 26, Chavchavadze street Ckhinvali highway 43 Samepho Street 68 Samepho Street Military Base, tskhinvali highwat Military Base, tskhinvali highwat Kaspi Rustaveli Street 78, Stalini Street Akhaltsikhe 66 Rustaveli Street 25 Kostava Street

Military Base 35 Nalbandiani Street Borjomi 143 Rustaveli Street 1 Rustaveli Square 1 Mta Street Kutaisi 17 Tsminda Nino Street 59 a Chavchavadze Avenue 56 Chavchavadze Avenue 124 Rustaveli Street 36 Grishashvili Street 17 Tsminda nino Street (Beeline) 141 Rustaveli Street 12 Javakhishvili Street 75-77/47 Ninoshvili Street & Agmashenebeli Street 98 Asatiani Street 31 Paliashvili Street axalgazrdobis I shesaxvevi Military Base Tsereteli street 1/2 16 Chavchavadze Avenue 17 Tsminda Nino Street Terjola 4 shotadze street Samtredia 21 Javakhishvili Street Chiatura 16 Ninoshvili Street Sachkhere Agmashenebeli street 17 gomarteli street Tskaltubo 21 Rustaveli Street Zestafini 59 Agmashenebeli Street 27 Agmashenebeli Street 2 Chanturiai Street Sakarkhno and Staroselski street Tkibuli 13 tabukashvili street 55 Gamsakhurdia Street Khoni 12 tavisufleba street Poti 30 Agmashenebeli Street 30 Agmashenebeli Street 52 Agmashenebeli Street 24 Rustaveli rkali 11 Chanturia Street 2 Pharnavaz mefe Street 1 Kokaia Alley nabada new port Senaki military base 78 Chavchavadze Street 168 Mshvidoba Street Zugdidi 54 Kostava Street 90 Rustaveli Street 89 Agmashenebeli Street 31 gamsakhurdias street 91 Rustaveli street Anaklia Chokatauri 20 dumbadze street Ozurgeti 18 Guria Street 2 takhaishvli street Lanchkhuti 101 Jordania Street Batumi 71 abuseridze street 132 pushkini street 48 gorgiladze street 32 Era Street 11 Ninoshvili Street 2 Maiakovski Street 17 Gogebashvili Street 51 Baratashvili Street 41 Baratashvili Street 10 Khimshiashvili Street 10 Khimshiashvili Street 16 Chavchavadze Street 39 Chavchavadze Street 20 Gamsakhurdia Street 29 tavdadebuli Street 77/88 Chavchavadze Street 47 Gamsakhurdia Street 21 Agmashenebeli Street 14 Inasaridze Street Airport 82 Era Street 105 a Lermontovi Street 8 Baratashvili Street Tamari living area 58 M.Abashidze Street 58 M.Abashidze Street 2 vazha-pshavela street 2 vazha-pshavela street 6 rustaveli street Khelvachauri adila village 82 Agmashenebeli Street 60 Agmashenebeli Street Angisa Village 118 Agmashenebeli Street 1 Agmashenebeli Street 1 Ninoshvili Street 275 Agmashenebeli Street Bobokvati Daba Chakvi 41 tamar mepe street Keda 13 abuseridze street Khulo 16 Abashidze Street Shuakhevi 5 Rustaveli street

Bank Republic TBILISI BRANCHES AND SERVICE CENTERS Head Office and Central Branch

2 Gr. Abashidze St. Tel: (995 32) 292.55.55 Fax: (995 32) 292.55.44 Vake 13 Chavchavadze Ave. (24 hour) 33a Paliashvili St. Freedom Square 2, Leonidze St. Airport International Airport (24 hour) 24 hours, except Christmas and Easter Didube 10 Building, Tsereteli Ave. Sadguri 10, Tamar Mephe Ave. Sadguri Near the Railway Station Sanzona 34 Guramishvili Ave. Nadzaladevi 34 Dadiani Ave. Saburtalo 28 Pekini Ave. 71 Vazha-Pshavela Ave. 47 A. Kazbegi Ave. Isani 6/2 Navtlughi St. Gldani 20 Khizanishvili St. Mukhiani 8b Block, IVa micro district Iashvili Clinic 2/6 Lubliana St. Police Office 8 Gulua St. Dighomi 1b Block, 1 micro district, Dighomi Building of City Court of Tbilisi David Aghmashenebeli Alley VI km.

Ortachala 37 Gorgasali St. Varketili Aerodrome Settlement. St N 29-31

REGIONAL BRANCHES AND SERVICE CENTERS Batumi 6 Kutaisi St. 24 Gogebashvili St. (24 hour) 24 hours, except Christmas and Eastern Airport Kutaisi 6 Grishashvili St. 59 Chavchavadze Ave. Samtredia 2 Razmadze St. Zestaponi 59 Aghmashenebeli St.

Zugdidi 34 Zv. Gamsakhurdia Ave. Police Office Building 1 Commune of Paris St. Poti 50 Aghmashenebeli St. Rustavi 20 Megobroba Ave. Police Office Building 21 Mshenebelta St. Sighnaghi 1 Tamar Mepe St. 4 Marjanishvili St. Gori 13 Chavchavadze St. Kvareli 13 Rustaveli St.

ATM Tbilisi Vake 2 Gr.Abashidze St. 13 Chavchavadze Ave. 33 A Paliashvili St. 1 Chavchavadze Ave. 49b Chavchavadze Ave. 50 Chavchavadze Ave. 2 Mosashvili St. Mrgvali Bagi 7 Kibshidze St. Mtatsminda 27 Kostava St. 32 Br/Zubalashvili St. 20 Rustaveli St. 10 Pushkini St. 8 Erekle II 2, Leonidze St. 4 – 9aprili St. 24 Gorgasali St. Ministry of Justice 24 Gorgasali St. General Office of Public Prosecutor 37 Gorgasali St. 8 Gulua St. Saburtalo 75 Kostava Ave. 16 Kazbegi Ave. 47 Kazbegi Ave. 2 Gamsakhurdia Ave. 23-25 Gamsakhurdia Ave. 28 Gamsakhurdia Ave. 45 Gamsakhurdia Ave. 6 Shartava St. 19 Nutsubidze St. 179 Nutsubidze St. 5 Sandro Euli St. Nutsubidze Plato 3rd , 5 Dzotsenidze St. 13 Bakhtrioni St. 11 Dolidze St. Building 4/5 34 Vaja Pshavela Ave. Vaja Pshavela Ave. 48 Vaja Pshavela Ave. 71 Vaja Pshavela Ave. 72 Vaja Pshavela Ave. Building 1, Block of flats 7, Vaja Pshavela Ave. Kavtaradze St. Digomi 1st Block, 1 Micro District, Dighomi Masivi 9 Mikeladze St. 3rd Block, Dighomi Masivi Aghmashenebeli alley 6 th km.

Aghmashenebeli alley 2/6 Lubliana St. 5 Lubliana St. 13 Petritse St. Didi Digomi Didube-Chugureti 1 Khetagurovi St. 2 Tsereteli Ave. Tsereteli Ave. Building 10 67 a Tsereteli Ave. 144 Tsereteli Ave. 10 Tamar Mephe Ave. Near Railway Station 44 Aghmashenebeli Ave. 4 Chubinashvili St. 19 Vakhtang Bagrationi Ave. 19 Tsabadze St. Isani-Samgori International Airport of Tbilisi, „Sakaeronavigatsia“ International Airport of Tbilisi, Airport Service Center Kakheti highway 112 Kakheti highway 6/2 Navtlughi St. 23 “Ghvinis Aghmarti” Varketili Subway Territory 7 Varketili, Kaloubnis St. 9 Tsinandali St. 91 Ketevan Tsamebuli Ave. Opposite side 2 Ketevan Tsamebuli square 44 Moscow Ave. Vazisubani III Mik. II Block #15 Gldani-Nadzaladevi 34 Dadiani St. 39 Dadiani St. 263 Dadiani St. 20 Khizanishvili St. Mukhiani 2nd , Block #5 (Noneshvili St.) Mukhiani, Building 8, 4a m/d Temka District, Building 10, 2 m/d, Block of flats: 25 34 Guramishvili Ave. 36 Guramishvili Ave. Subway Sadguri, Akhmeteli Theatre Territory

Tskneti

3 Rustaveli

Telavi

4 Marjanishvili St. 2 Saakadze Square

Gurjaani

10 Noneshvili St.

Dedoflis Tskaro 2 Baratashvili St.

Kvareli

13 Rustaveli St.

Tsnori

28 Agmashenebeli St.

Sighnaghi

1 Tamar Mephe St.

Gardabani

49 Aghmashenebeli St.

Marneuli

21, 26 May St.

Rustavi

6 Megobroba St. 20 Megobroba Ave. Rustavi highway 21 Kostava Ave.

Mtskheta

Agmashenebeli St.

Gori

14 Chavchavadze St. 13 Stalinn Ave. 5th Km of Tskhinvali Highway

Khashuri 1 Imereti St.

Borjomi

26a Rustaveli St.

Akhaltsihke 31 Kostava St.

Zestaponi

59 Aghmashenebeli Ave.

Kutaisi

59 Chavchavadze Ave. 56 Chavchavadze Ave. 3 Tamar Mephe St. 6 Grishashvili St. 32 Niuport St. 11 Kupradze St.

Samtredia

3 Tamar Mepe St. 2 Razmadze St.

Zugdidi

34 Zv.Gamsakhurdia St. 5 Kostava St.

Poti

50 Aghmashenebeli St. 52 Agmashenebeli St. 24 Rustaveli St.

Kobuleti

358 Aghmashenebeli St.

Batumi

131 Chavchavadze Ave. 24 Gogebashvili St. 31 Tavdadebuli St. 6 Griboedovi St. 6 Ninoshvili St. 6 Kutaisi St. Batumi International Airport Makhinjauri Daba Khelvachauri, 84 Agmashenebeli Ave.

Khimshiashvili St.

Sarpi Sarpi

VTB Bank Tbilisi 37, Uznadze Str. 14, Chanturia Str. 5, Jikia Str. 3, Gotua Str. 6, Gorgasali Str. 16/18, Rustaveli Ave. 54, Chavchavadze Ave. 10, Chavchavadze Ave. 21, Vazha Pshavela Ave. I tr. 33, Kostava Ave. 16/18, Tamar Mepe Ave. 4, Leselidze Str. 15, Tamar Mepe Ave. 76, Tsereteli Ave. 3, Vani Ave. 147, D. Aghmashebeli Ave. 5, Khizanishvili Str. 12, Ketevan Tsamebuli Ave. 20, Telavi Str. 42, Al. Kazbegi Ave. 8, Tsabadze Str. 6/2, Navtlughi Str. 9, Tsinandali Str. 48a, Bogdan Khmelnitsky Str. 19, Gamrekeli Str. 143, Tsereteli Ave. 78, Nutsubidze Str. Aghmashenebeli Alley 60, Barnov Str. Regions 113, Chavchavadze Str., Batumi 21, Asatiani Str., Batumi Gori, Tskhinvali Motorroad 49, Samepho Str. Gori 13, Noneshvili Str., Gurjaani 3, Saakadze Sq., Telavi 74, Rustaveli Str., Marneuli 8, Eristavi Str., Ozurgeti 1, Kostava Str., Ozurgeti 3, Megobroba Ave., Rustavi 18, Megobroba Ave., Rustaveli 5, Tabidze Str., Poti 13, Rustaveli Ring., Poti 30, April Alley, Poti 64, Chavchavadze Ave., Kutaisi 5, Rustaveli Str., Kutaisi 35, Z. Paliashvili Str., Kutaisi 3, Rustaveli Str., Kutaisi 98, Akhalgazrdoba Ave., Kutaisi 59, Tamar Mepe Str., Kutaisi

CARTU Bank Head office 39a I. Chavchavadze avenue Tbilisi, 0162, Georgai phone: (+995 32) 92 55 92/91/90 fax: (+995 32) 91 22 79 email: info@cartubank.ge Vake Service Center 24 I. Abashidze street Tbilisi, 0179 Georgia phone (+995 32) 25 06 14/15 fax: (+995 32) 25 06 15 email: vake@cartubank.ge Saburtalo Service Center 14b Pekini Street Tbilisi 0171 Georgia phone: (+995 32) 92 55 92 fax: (+995 32) 38 23 92 email: saburtalo@cartubank.ge Lilo Service Center 14 Yumashev street Tbilsi, 0198, Georgia phone: (+995 32) 24 11 33 fax: (+ 995 32) 24 11 34 email: lilo@cartubank.ge Mtatsminda Branch #1 Vekua atreet Tbilisi 0105, Georgia phone: (+995 32) 93 89 22 fax: (+995 32) 92 19 38 email: mtatsminda@cartubank.ge Kutaisi Branch 4 Paliashvili Str. Kutaisi 4600, Georgia Tel.: (+995 231) 4 11 48 Fax: (+995 231) 4 11 45 E-Mail: cartuk@cartubank.ge Batumi Branch 2 Griboedov Str. Batumi 6000, Georgia Tel.: (+995 222) 7 59 00 Fax: (+995 222) 7 65 04 E-Mail: batumi@cartubank.ge Gori Service Center 10/14 Stalin Ave. Gori, 1400, Georgia Tel.: (995 270) 7 76 71 Fax: (995 270) 7 76 71 E-mail: gori@cartubank.ge Telavi Service Center Chavchavadze Square Telavi 0022 Georgia phone: (995 250) 7 09 00 fax: (995 250) 7 09 01 emailtelavi@cartubank.ge Vake 39 I. Chavchavadze avenue 54 I. Chavchavadze avenue 24 I. Abashidze street 35 Tskneti Highway Mtatsminda 1 I. Vekua street 3 I. Vekua Street 4 Freedom Square 31 Shota Rustaveli avenue 17 Shota Rustaveli avenue 10 G. Chanturia street 29 K. Melikishvili avenue 52 K. Melikishvili avenue 34 M. Kostava street Ortachala 79 Gogasali street 10 G. Gulua street Saburtalo 6 Pekini street 14b Pekini street 48 Vazha-Pshavela avenue 71 Vazha-Pshavela avenue 16 Kavtaradze street L. Gotua Street 10 A. Kazbegi avenue 48 Vashlidjvari Didube-Chugureti 8/9 A. Tsereteli avenue 119 A. Tsereteli avenue 97 David Agmashenebeli avenue 154 David Agmashenebeli avenue 16 K. Marjanishvili street 31 Tamar Mefe avenue Digomi, 4th block, building 5 Isani-Samgori 14 Yumashvi Street Aiport 42 Bogdan Khmelnitski street Javakheti street Isani Bazroba Lilo 6/2 Navtlugi street 91 Ketevan Tsamebuli street 12 Meskhishvili street Gldani-Nadzaladevei Gldani „a“ micro district, building 50 3 V. Sarajishvili street 7 Sh. Dadiani Street 39a Sh. Dadiani Street Sachkhere 36 Tamar Mefe street Kutaisi 4 Z. Paliashvili street 51/2a I. Chavchvadze street Batumi 2 A. Griboedov street 4 V. Mayakovski street 44 K. Gamsakhurdia astreet 65 N. Noneshvili street 12/14 M. Abashidze Gori 10/14 Stalini avenue Telavi Chavchavadze square

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US Business in Georgia 20 Telavi Str. Tel: 277 20 20 Fax: 277 21 20

www.sheraton.com/tbilisi

(May-October)

8am-1am

Addr: 12 Eristavi Str. (at the round garden) 34 Leselidze Str. 7a Pekini Str. Phone: 299 03 99; 574 74 69 69 info@lucapolare.com www.lucapolare.com

La Brioche AeroSvit Representative office in Georgia Address: 25 st.Leselidze Office 205 Tbilisi 0160, Georgia Tel: 243 96 93 Fax: 243 96 93 tbilisi@aerosvit.com

1 Brother Kakabadze Str.

15 Lubliana Str.

Tel: 251 00 01 Fax: 253 00 44 info@zarapxana.ge www.zarapxana.ge

4 November, 2013 | finchannel.com

Ice cream, coffee, blended drinks, pastry, salads… Open 8am-2am (November-April)

37 Chavchavadze Ave. Tel.: 291 30 26; 291 30 76

FINANCIAL

Tel: 292 29 45; Fax: 292 29 46; tk@mcdonalds.ge

Addr: Batumi, Georgia, Parnavaz Mepe №25

Tel.: 260 15 36 info@piazza.ge, www.piazza.ge

Betsy’s Hotel 32-34 Makashvili Street, 0108, Tbilisi, Georgia

Tel.: 293 14 04, Fax: 299 93 11 info@betsyshotel.com www.betsyshotel.com

5 Chavchavadze Ave. 13, Rustaveli Avenue.; Tel.: 2 779 200 www.TbilisiMarriott.com tbilisi.marriott@marriotthotels.com

4, Freedom Square, Tel: 2 779 100 www.CourtyardTbilisi.com courtyard.tbilisi@marriotthotels.com

3 Vashlovani Str.; (“Super Babilon” oposit) Tel.: 298 90 86

Tel.: 222 44 17 577 22 99 22 plasticsurgerygeo.com

Hotel “O. Galogre” The tickets are available at tbilisi international airport freedom square 4 courtyard marriott hotel, 1st floor

Tel: 2400 400; 2400 040

36 Al. Kazbegi ave. Tbilisi, 0177, Georgia Tel/Fax: 229 43 43 info@intercontinental.ge www.intercontinental.ge

Le Marais

Literary cafe “Monsieur Jordan” V. Gorgasali st.,17 Tel.: 275-02-07

Radisson Blu Iveria Hotel Rose Revolution Square 1 Tel.: 240 22 00; Fax: 240 22 01 info.tbilisi@radissonblu.com radissonblu.com/hotel-tbilisi

Erekle II str.

Tel: 555 00 44 46

GEORGIA PALACE HOTEL

Georgian Real Estate Management The Green Building, 6 Marjanishvili Street, 0102 Tbilisi Tel: 243 30 77, Fax: 243 30 79 www.firstbrokerage.ge E-mail: info@firstbrokerage.ge

For advertising please contact: 577 741 700 marketing@finchannel.com

32 Abashidze Str. Tel: 222 40 83

26 May Square Tel: 2300099 E-mail: info@hi-tbilisi.com www.hi-tbilisi.com

50 Chavchavadze Ave. Tel: 2 91 52 42

Village Anaklia, Zugdidi, Georgia Tel: 2 60 99 90 2 60 99 91 www.hotelanaklia.com

13 Shavteli Str. Tel: 2439494 info@ambasadori.ge www.ambasadori.ge

6 Kavsadze Str. Tel: 2 25 15 45 2 55 44 55 www.lottravel.ge

For advertising please contact:

275 Agmashenebeli Ave., Kobuleti, Georgia Tel: 2242400 Fax: 2242403

E-mail: info@gph.ge, www.gph.ge

Tel: 888 222 2900 www.sheraton.com/tbilisi

8, Vakhtang Gorgasali Str. Batumi, Georgia Tel: +995 422 27 48 45 info@hotelgalogre.com www.hotelgalogre.com

4 Freedom Square Tel: 2988 988, Fax: 2988 910 E-mail:gmt@gmt.ge, www.gmt.ge

4 Kargareteli str.

Tel; 2236278 www.kenari.ge info@kenari.ge

577 741 700 marketing@finchannel.com

BusinessTravelCom

Hotel and Airticket Booking: 2 999 662 | SKY.ge

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finchannel.com | 4 November, 2013 SANCHO

LITERATURULI CAFÉ 2, Tarkhnishvili Str. Tel: 244 45 46 31, Pekini Str. Tel: 231 30 57 22, Abashidze Str. Tel: 222 02 76 36, Kostava Str. Tel: 299 07 46

4, Besiki Str. Tel: 2 519 966

23, Akhvlediani Str. Tel: 298 25 98

Hangar Bar

Queue

TSISKVILI

PREGO 10, Paliashvili Str. Tel: 225 22 58

#1 Freedom squ.

Tel: 2 240 241

Red Café Bistro & Cafe

15, Erekle II. Tel: 293 14 11 # 71 Vazhaphavela Ave. Tel: 2201 211 info@redcafe.ge

25, Tarkhnishvili Str. Tel: 225 25 16 # 20 Shavteli Str. Tel: 293 10 80

Beliashvili Str. Tel: 253 07 97

Belle Ville

BUFFALO BILL

French - European barrestaurant Pleasant and cozy atmosphere High quality service, live music every day 26, l.Kiacheli Str. Tel: 293 65 53

DONUTS

2, MarjaniSvili Str. Tel: 2 999 723

Book Corner

13b, Tarkhnishvili Str. Tel: 223 24 30 contact@bookcorner.ge

VERA STEAKHOUSE

Better seen than heard 37, Kostava Str. Tel: 298 37 67 16, Akhvlediani Str. Tel: 293 60 52

64, Paliasvili Str. Tel: 225 06 69

DUBLIN IRISH PUB

Better seen than heard

Entree 13 Taktakishvili Str. 20 Rustaveli Ave. 19 Petriashvili Str. 7 Pekini Str. 78 Chavchavadze Ave. (Bagebi) 86 Aghmashenebeli ave.

8, Akhvlediani Str. Tel: 298 44 67

10/12, Abashidze Str. Tel: 225 39 85

Tel.: 599 21 53 83

24 24/

DISCOVERY

4 Freedom Square, Tel: 254 70 30 tbilisi.fs@citadines.com

www.citadines.com

40, Chavchavadze Ave. Tel: 229 42 30

SIANG-GAN

PICASSO

41, Gamsakhurdia Str. Tel: 237 96 88

4, Vashlovani Str. Tel: 298 90 86

Prospero’s Books

34, Rustaveli Ave. Tel: (+995 32) 2923 592

Segafredo Zanetti Espresso

ENGLISH TEE HOUSE

26, Chavchavadze Ave Tel: 222 36 77

5, Marjanishvili Str. Tel: 294 16 20 32, Paliashvili Str. Tel: 222 11 09

For advertising please contact: 577 741 700 marketing@finchannel.com

BusinessTravelCom

Hotel and Airticket Booking: 2 999 662 | SKY.ge

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US Business in Georgia

HEADLINE NEWS & ANALYSIS

FINANCIAL

4 November, 2013 | finchannel.com

Advertiser: The Financial. Contact FINANCIAL Ad Dep at marketing@finchannel.com