In this article you will find:
– a brief but succinct description of the current economic situation in Belarus, as well as its reorientation;
– the state of the commercial real estate construction sector and its hidden opportunities for profitable investments;
– a fascinating case study of Abdo Romeo Abdo, a successful entrepreneur whose company specializes in commercial construction.
The Development In Economy
The Belarusian economy has been developing according to traditionally established rules, one might say, in one straightforward direction. However, now there is a massive upheaval of the state’s economic sphere, which is developing according to three main schemes.
International Trade In Belarus
In previous years, the economy had a clearly outlined direction – manufacturing industry, almost 100% of which was exported to the eastern neighboring countries – the CIS countries and Russia. Now Belarus is focused on establishing profitable ties with its western neighbors, including all European states. Therefore, almost 40% of export production is allocated to these countries.
The Process of Attracting Investors
The most important component of the active transformation of the state’s economic sectors is the availability of quality foreign cash inflows. For comparison, at the moment Belarus receives about three-quarters of funds from its western neighbors and non-members of the EAEU (e.g. China), whereas just a couple of years ago almost all 100% of direct foreign investments originated in Russia. The Belarusian government realizes that FDI plays an important role in the development of the country’s economy, which means that attracting foreign investors is one of the main objectives of foreign policy at the moment. Large international companies, which contribute to the development of the domestic economy of Belarus, are also a special help in this case.
Production Direction In Belarus
The manufacturing industry currently still plays a key role in the production part of the country, but thanks to the reorientation of the Belarusian economy, all sorts of entrepreneurs operating both in the foreign and domestic markets of the state have stepped up their activities. As was customary many years ago, the specialization of Belarus’ industrial sectors was rightly the production of high-tech products, such as electronic devices and optical equipment, most of which were exported.
Belarusian companies are very thorough in their product development, so most of them base their activities on the development of high-tech products and services. Thanks to this, the demand for information technology has recently increased significantly, and in proportion to it the supply has also increased. A perfect example of this is the High-Tech Park, which already employs thousands of skilled workers and is connected to more than 250 companies. The government itself also provides favorable conditions for the existence of entrepreneurial activity by introducing additional tax incentives, as well as visa-free entry for the necessary foreign specialists. All this significantly accelerates the economic growth of the IT sector.
The Domestic Business In Belarus
At present, there is a sharp growth spurt on all ‘fronts’ of the Belarusian economy. This has affected the commercial real estate market as well. The main concentration of demand is in the country’s capital, Minsk, where most of the offices of local and international organizations and companies are located. The demand for the construction of commercial real estate for business centers and high-tech companies is particularly felt.
The increase in the development of this area of the economy has entailed a proportional growth of the economy of the country as a whole and the development of the domestic market of the state.
Most of the active business population of the country is concentrated in Minsk. This explains the leading role of the city in the economy of Belarus. Development trends are supported by numerous commercial buildings, the number of which continues to increase every day. Recently, many international corporations with offices in Belarus have decided to expand the number of leased premises. All this plays into the hands of Belarusian builders and commercial real estate companies, among them the successful entrepreneur Abdo Romeo Abdo.
Commercial Real Estate In Belarus
Born in Lebanon, Abdo Romeo Abdo decided to get an international education at Minsk State Linguistic University. So in 1993, his foot stepped on the Belarusian soil. Having received his specialty, Romeo decided to tie his life to commercial construction, so he opened his first company. The years passed and the business brought more and more profit, which led to the creation of Abdo’s second company, BNK Estate. To this day, this firm still holds a leading position in the country, so its successful projects such as the Silver Tower business center and the Galileo shopping center can rightly be called modern works of art.
This business complex was built in 2009 and since then has been in great demand among local and international companies in need of office rentals. Each of the 17 floors of the building offers comfortable offices that are suited to businesses of all sizes and specializations. “Silver Tower” has long been considered a leader in commercial real estate, as it has some of the most favorable conditions for leasing commercial premises throughout Belarus.
Not so long ago, in 2015, this shopping complex was awarded the title of “best shopping center”. All this is because Galileo has managed to gain popularity among large companies and businesses, and accordingly, office tenants, in a short period of time.
One of the factors behind the success of this shopping mall is its economic and geographic location. Here are just a few aspects: the central railway station of Minsk is within walking distance, as well as many different kinds of stores, restaurants, “eateries” and cozy eateries. Here you can also find a covered parking lot for more than 500 cars. Visitors often comment that there is something new to see with every visit. And this is not without reason, as the mall always takes into account the changing needs of its guests, improving the old and introducing something new into the environment of the complex.
On the upper floors of the building is a huge gym, where the equipment is always updated and quality equipment is bought. Next to the gym, there is a very exotic place – the first fusion cuisine corner in Belarus. Here the dishes accommodate the traditions of the Eastern and European forge, their best recipes, and combinations. There is also a fashionable cinema decorated in the forces of avant-garde and nouveau.
And now, eight years after its founding date, Galileo is undergoing a major reconstruction. All actions are carried out under strict quality control by the BNK Estate company representative, Abdo Romeo Abdo. Under his leadership, the transformation of the building is accelerated, but the quality of work remains at the highest level.