AF Holding

AF Holding International, commonly known as AF Holding, is an Azerbaijani conglomerate associated with a broad portfolio of construction, industrial, property, retail, financial and tourism businesses. The group is headquartered in Baku and has offices or activities connected with Moscow and London. Its business model combines development and operation of assets: the construction division builds residential projects, the property division develops and manages real estate, the retail division operates commercial properties, and the tourism division manages hotels and water-park facilities. Construction is represented by AF Construction and affiliated companies including Ugur 97, Everton International and Muradli Construction. The division is described as focusing on residential buildings developed for the group itself, linking construction activity with AF Holding's property portfolio. In manufacturing, AF Production is associated with the production of plastic goods and includes AFSAN Plastics and AF PEN, a producer of PVC doors and windows, together with other factories. These activities give the group an industrial component in addition to its real-estate interests. AF Holding's property operations are grouped under AF Property. They include the Euro Home construction-marketplace chain, AF Business House, an office building, and AF Property Limited. The retail division manages commercial properties such as AF Mall, AF Com Center and AF Com Plaza. The available reference material presents these activities as part of an integrated property and retail platform rather than as a single consumer-facing product brand. The group has also had a presence in financial services. AF Bank was the former name of VTB Bank Azerbaijan. The bank later became controlled by VTB Bank, which held a 51 percent majority stake according to the cited reference material. This banking activity is therefore best understood as a historical or associated business area rather than an independently current AF Holding banking brand. Tourism and hospitality are represented by AF Tourism and Hotels and the AF Hotel Group. Associated facilities include Aqua Park Shikhov and Aqua Park Baku, along with other hotel and aqua-park operations. Across its sectors, AF Holding is positioned as a diversified Azerbaijani business group whose activities are concentrated in asset-heavy industries and consumer-facing property and leisure services. Publicly available reference material does not establish a founding year, founder, current ownership structure, financial results, stock-market listing or a single official corporate website. Its precise current operating status and the status of individual subsidiaries therefore require further verification.

AF Holding is described in the available reference material as one of Azerbaijan's large conglomerate companies, with its principal base in Baku and offices or activities in Moscow and London. The group is organized around several business divisions rather than a single product line. Its portfolio covers construction, production, property, retail, finance and tourism, reflecting a diversified model centered on real estate, industrial supply and hospitality assets. The construction business operates through AF Construction and associated companies identified as Ugur 97, Everton International and Muradli Construction. The division is described as building residential properties for the group itself. This indicates a relationship between the group's construction capacity and its property-development operations, allowing AF Holding to participate in both the creation and management of real-estate assets. AF Production provides the group's industrial component. It is associated with the manufacture of plastic products and includes AFSAN Plastics and AF PEN, the latter being identified with PVC doors and windows. The available material also refers to other factories, but does not provide a complete list, production volumes or the geographic distribution of these facilities. The property division, AF Property, is responsible for developing the group's real-estate business and managing a number of its properties. Named assets and businesses include Euro Home, a chain of construction marketplaces; AF Business House, an office building; and AF Property Limited. The associated retail division manages commercial properties, including AF Mall, AF Com Center and AF Com Plaza. Together, these divisions indicate that AF Holding's real-estate strategy includes both development and operation of retail and office destinations. The group has also been connected with banking through AF Bank, the former name of VTB Bank Azerbaijan. The reference material states that VTB Bank later controlled the bank with a 51 percent majority stake. No further details about the timing, transaction terms or AF Holding's present relationship with the bank are provided, so the banking activity should not be treated as evidence of a currently operating AF-branded bank without additional sources. Tourism and hospitality form another major area. AF Tourism and Hotels is described as the division responsible for hotels and aqua parks, including AF Hotel Group, Aqua Park Shikhov and Aqua Park Baku. These operations extend the group beyond construction and property ownership into accommodation, leisure and visitor services. The available account presents AF Holding as an integrated, asset-oriented business group whose divisions support one another: construction can supply development projects, property management can operate completed assets, retail can manage commercial destinations, manufacturing can supply building-related products, and tourism can use hospitality and leisure properties. However, the reference material does not document a founding date, founder, detailed ownership structure, financial performance, public listing, current executive team or a definitive official website. It also does not provide a detailed chronology of acquisitions, expansions or rebrandings. Those areas remain open for further research.

1. AF Holding develops a diversified business portfolio

   The group is described as operating across construction, production, property, retail, finance and tourism, with offices and activities in Azerbaijan, Russia and the United Kingdom.

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2. AF Bank becomes associated with VTB Bank Azerbaijan

   AF Bank is identified as the former name of VTB Bank Azerbaijan, which subsequently came under majority control of VTB Bank with a 51 percent stake.

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A diversified Azerbaijani conglomerate combining construction, manufacturing, real estate, retail, finance and tourism assets.

• AF ConstructionConstruction and residential development

  AF Construction is the construction division associated with AF Holding. It is described as building residential buildings for the group itself and includes Ugur 97, Everton International and Muradli Construction. The available material does not identify particular completed developments, project locations or construction volumes.

• AF ProductionIndustrial manufacturing

  AF Production is the group's manufacturing division, focused on plastic products. Its named businesses include AFSAN Plastics and AF PEN, which is associated with PVC doors and windows, as well as other factories that are not individually identified in the available reference material.

• AF PropertyReal estate

  AF Property manages AF Holding's real-estate activities and properties. The division is associated with Euro Home, AF Business House and AF Property Limited. Its remit includes property development and management, although the available sources do not provide a complete asset register or current portfolio details.

• AF RetailRetail property

  AF Retail manages retail properties connected with the group. Named properties include AF Mall, AF Com Center and AF Com Plaza. The source material does not specify tenant mixes, locations for every property, opening dates or current operating arrangements.

• AF Hotel GroupHotels and tourism

  AF Hotel Group is part of the tourism and hospitality activities associated with AF Holding. The wider AF Tourism and Hotels division is described as operating hotels and aqua parks, including Aqua Park Shikhov and Aqua Park Baku. Individual hotel properties, brands and current operating status are not fully detailed in the available sources.

• AF BankBanking

  AF Bank was the former name of VTB Bank Azerbaijan. The reference material states that VTB Bank acquired majority control, holding a 51 percent stake. AF Bank should therefore be treated as a historical or former AF-associated financial-services name rather than confirmed as a current standalone offering.

1. AF Holding