PASHA Holding is an Azerbaijani conglomerate.[2][3] Its major holdings are Kapital Bank (81.08%)[4] and Pasha Bank (71.7498%).[5][6] PASHA Holding is owned by the Aliyev and Pashayev families in Azerbaijan, two of the most powerful families in the country, making it one of the most powerful companies in the country.[7][8]
The revenue in 2024 was 1.7 billion Euros.
The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's president Ilham Aliyev, Leyla and Arzu.[10][11] Mehriban Aliyeva is not involved in the business.[3][10]
Pasha Holding was founded by Arif Pashayev, the father of Mehriban Aliyeva (née Pashayeva), the first lady of Azerbaijan.
The company has been embroiled in high-level corruption in Azerbaijan.[2] The company has substantial government contracts across different sectors.[12]
Among its subsidiaries are:[2][13][14]
The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan, and Georgia.[13] Pasha Holding owns a 50% stake in the Mandarin Oriental Bodrum Hotel.[15][16] In 2024, Pasha Construction invested 200 million US$ in building a Ritz-Carlton hotel in Tashkent, Uzbekistan.[17] In June 2024, Pasha Holding announced a possible IPO in 2025 at the Azerbaijani Stock Exchange, with a possible double listing in Dubai or Turkey.[3]
The company's investments are primarily focused on its home region, with any remaining funds allocated to the United States and Germany.[18] Pasha Holding has considered establishing a branch in Germany. In similar cases it typically conducts one or two pilot investments, as it did in the United States. Its core business is real estate, and it may also implement pilot projects in the German real estate sector with an investment volume of three to five million Euros.[18]
As part of Pasha Real Estate Group, Pasha Construction is active as a real estate investor and developer in the White City of Baku, among other places. One example of this is the Knightsbridge Residence, which was designed by Chapman Taylor and implemented by Pasha Construction.[18][19]
The company built the Four Seasons hotel in Baku, which involved destroying part of the Baku Fortress Wall of the Inner City.[2]
Critics like Transparency International have pointed out that Pasha Holding, a COP 29 "official partner", has close ties to the Aliyev family.[20][21]
Between 2023 and 2025, Pasha Holding supported the restoration of the historic Chol Gala Mosque in Shusha.[22][23][24][25]
Pasha Holding has been partnering with the Baku International Jazz Festival for more than ten years.[26]
