Polish pavilion at Dubai Expo 2020 opens
Three times a day pianists will perform works of Fryderyk Chopin at the Polish pavilion at Dubai Expo 2021, where “the story of Poland will be presented in 5 different chapters”
Inflation, CPI, energy prices all rising significantly
In August, the consumer price index (CPI), the main measure of inflation in Poland, rose 5.5%. year on year, with prices of consumer goods and services rising 5.8% in September according to initial estimates by Statistics Poland (GUS), according to Polish daily business and economics title Rzeczpospolita. Inflation is expected to hit 6% soon. The acceleration in inflation in September was mainly driven by an August rise in prices of food and non-alcoholic beverages, with goods from this category up 4.4%. year on year, the biggest monthly increase since June 2020. Energy prices have also gone up significantly, with household bills jumping 7.2% year on year, the biggest gas and electricity price jump since 2012.
The National Bank of Poland is to keep inflation at 2.5% per year, reports Rzeczpospolita, tolerating deviations by 1% point. In September, CPI growth exceeded the upper limit for deviations from the target for the sixth month in a row.
The majority of members of the Monetary Policy Council, the decision-making body of the NBP, have argued so far that increased inflation is a temporary phenomenon and is caused by factors beyond the control of domestic monetary policy. However, economists are increasingly indicating that without monetary tightening, inflation will not fall significantly next year or even later. “We predict that in the years ahead CPI inflation will permanently exceed 3.5%,” economists from PKO BP wrote in a report on Friday 1 October. Economists estimate that the first rate hike is possible in November at the earliest.
Ryanair’s O’Leary criticises Solidarity Transport Hub
A public spat broke out between budget air carrier Ryanair’s CEO Michael O’Leary and the senior management of the huge transport scheme called Solidarity Transport Hub (CPK in Polish). O’Leary, whose airline flies from Modlin Airport, north of Warsaw, and about 10 other regional airports in Poland – the status of which are likely to be threatened upon the opening of STH – said, in an interview with onet(dot)pl, that the Polish government is “crazy” to spend PLN millions on the new hub. He said Poland would be better off investing the money in improving existing airports. In response to O’Leary’s criticism, CPK issued a statement saying that the project is “a well-thought-out investment, profitable for the Polish economy, and not necessarily for the Irish carrier”. The argument then escalated on social media with both sides trading barbs.
STH is a combined rail and air hub planned for construction approximately 35 km west of Warsaw. Construction is aimed to begin in 2023. Meanwhile, preliminary analyses and tenders for the construction of the various elements are underway.
200,000 sqm to be developed into mixed-use in Bielany district of Warsaw
Commercial and residential developer White Stone Development has acquired c. 200,000 sqm in the north Warsaw district of Bielany on the west side of the River Vistula, at a cost of EUR 23 mln (according to housemarket(dot)pl) – land which it aims to develop as a large mixed-use project. The property consisted of over 100 individual plots of land and transactions were carried out in stages, according to law firm Greenberg Traurig, which advised White Stone. The project is located close to the Młociny metro station, the northernmost stop on the 2nd metro line. According to the company website, White Stone has completed 29 residential buildings (2,000 completed flats) with a total value of over PLN 2 billion, eight commercial buildings and 150,000 sqm of office space since it was founded in 1995. The company has been operating under its present name since 2012.
Cornerstone establishes a new investment platform, buying five office buildings from Globalworth
5th Corner, a new investment platform established by Cornerstone Investment Management and other shareholders, signed an agreement with Globalworth to buy five office assets in Warsaw: Nordic Park, Bliski Centrum, Batory Building I, Company House I, and Warta Tower. The deal is valued at approximately EUR 123 million. The agreement is preliminary and is subject to: approval by the Anti-Monopoly Office and tax ruling. The platform intends to acquire office assets in the central business districts of major cities in Europe. Over the next two to three years, 5th Corner intends to create a portfolio of office investments with gross asset value of over EUR 1 bln.
Cornerstone Investment Management, founded by Przemysław Krych in 2001 is a CEE private equity investment management business. The company has invested in various sectors including real estate, IT managed services, cable operators, renewable energy, healthcare, food, green metals and financial services.
Globalworth is a listed real estate company active in Poland and Romania, and is quoted on the AIM-segment of the London Stock Exchange. As of 30 June 2021 the company has a combined portfolio value of EUR 3.1 billion.
Polish pavilion at Expo 2020 Dubai “presents the story of Poland in five different chapters”
The international Expo in Dubai kicks off today and the slogan of Poland’s participation is “Creativity inspired by nature”. The goals of Poland’s presence at Expo 2020 Dubai include “strengthening the brand of Poland on the international arena and economic promotion – enhancing Poland’s economic contacts with the UAE and the entire Middle East region, especially supporting Polish entrepreneurs in building lasting trade relations,” says PAIH – Polski Agencja Inwestycji i Handlu (the Polish Trade & Investment Agency), which is the overall coordinator of Poland’s presence at the Expo.
According to WXCA, the design studio responsible for the architectural and thematic concept of Poland’s 2000 sqm pavilion, the stand “is a tree-like wooden structure, featuring a kinetic sculpture that references the large-scale migration of birds from Poland to the Arab world,” evoking “the nation’s diverse global connections, as well as its role as a leading producer of goods.”
The Polish Pavilion is situated in the “Mobility” sector of Expo 2020 Dubai. “You’ll need about 30 minutes to experience the main attractions — but it’s best to reserve a full hour to enjoy the experience fully!” says the pavilion’s website.
“Welcome to a new narrative about Poland on an international arena,” said Adam Malinowski, Commissioner General of the Polish Section at Expo. “The Polish Pavilion will offer visitors a chance to explore Poland’s economic success, our culture and technology, amazing nature, and first of all — our creativity and business acumen. It culminates 4 years of preparation and efforts by hundreds of people — extraordinary teams of project managers, creators, architects, engineers, artists and all our institutional and commercial partners”.
Expo 2020 Dubai is due to take place between 1 October 2021 and 31 March 2022. According to the PAIH website, “the budget of the project is PLN 84,470,000 and is financed from the state budget based on a resolution of the Council of Ministers. The project is implemented in accordance with the public procurement law.”