✝️ Pope Francis's visit to Mongolia | Provincial budget | Real Estate Industry

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Hello September! With 120 days left until the end of 2023, how are your 2023 goals progressing?

In today’s edition:

• Pope Francis’s historical visit to Mongolia

• 21 provinces budget balance

• Real estate industry, H1 2023

Let’s dive in!

✝️ Pope Francis’s historical visit to Mongolia

Pope Francis arrives in Mongolia for his 43rd apostolic trip. He met with President U. Khurelsukh and praised Mongolia’s tradition of religious liberty.

Why Mongolia?

Mongolia is a predominantly Buddhist country, with fewer than 1,500 Catholics. However, Mongolia has a long history of respecting all religions, treating them equally dating back to the 13th century, when the Mongol Empire was founded by Genghis Khan. This might be the key factor in Pope Francis's decision to visit Mongolia, as religious freedom is a central tenet of the Pope.

Pope’s influence

On the occasion of Pope Francis' visit, more than 150 journalists from 23 countries, including the New York Times and Reuters accompanied the visit. This exposure is likely to boost tourism to Mongolia, as he is the representative of 1.36 billion Catholics. His visit will surely influence 17% of the world's population to learn about Mongolia and become the reason to visit Mongolia. For instance, during the welcoming ceremony of the Pope, Catholics from other countries gathered in the main square of the capital city of Ulaanbaatar to catch a glimpse of him.

In addition to meeting with the Mongolian Catholic community, Pope Francis also met with representatives of other religions, including Buddhism, Islam, and Shamanism.

• Religious Tourism: In short, an interfaith meeting in Mongolia with the participation of Pope Francis is a sign that Mongolia may become an oasis of religious freedom in the future.

Finally... Since the 13th century, Mongolia has been one of the few countries that accepts and respects all religions. Using this advantage, if Mongolia becomes an oasis that has been able to consolidate religious freedom in Asia, it is possible to increase tourism and advance one step further in terms of diplomatic relations.

DATA STORY: 💰 21 provinces’ budget balance

Out of a total of 21 provinces in Mongolia, only 3 had a budget surplus in 2023 so far. As a result, 15 provinces received financial support to cover their budget deficits. On the other hand, 5 provinces with high budget revenue received a total of ₮138.1 billion in additional funding.

🤵🏻‍♂️🤵🏻‍♀️ Mongolian Real Estate Agents

Real estate brokers saw a x3.2 increase in profit reaching ₮2.8 billion in the first half of this year.

But how? 🤔

🏈 Real estate brokers sold as much as 176 football fields

Only 127 out of 311 licensed real estate brokers have been active during this period.

• By the numbers: A total of 4,728 deals were made during this period pushing sales revenue to ₮992 billion. To put it in perspective, they sold or rented an area of 939.7 thousand square meters, which is about the size of 176 football fields.

311 real estate brokers have 469 shareholders who put in ₮6.7 billion.

• Local vs. Foreign: Most of the money, 80.6%, came from local investors, while the rest came from foreign investors. To be clear, South Korean investors account for 10.8% while Japanese investors make up 8.6%.

In conclusion... The Mongolian real estate market is getting interesting as regulation makes the industry transparent and responsible.

🏃 QUICK STORIES

🔵Monlogistics Holding set to launch its IPO. They will hit the primary market next week while pre-order is starting today. Monlogistics, a company with 18 years of experience in the Mongolian transportation and logistics sector, offers new investment opportunities to investors who want to diversify their portfolio with different sectors. Also, Mandal Capital Markets appointed as a lead underwriter.

🔵Mobicom Corporation to launch the Employee Investment Program. The company will form an investment fund that aims to achieve sustainable, long-term investment returns. The fund will be managed by Invescore Asset Management.

🔵AND Solutions announces collaboration with Toyota Financial Services Vietnam. Collaboration is to drive a transformative digitalization journey through cutting-edge AI/ML solutions. AND Solutions is a tech provider subsidiary for AND Global.

🔵Mongolian Mining Corporation (0975.HK) determined the coupon of the new notes to be 12.50%. The company is issuing new notes in order to exchange its outstanding 9.25% senior notes due 2024.

⭐ TOP NEWS

• Learn: Mongolian Tea Culture. (KultureKween)

• Worthy to know: Navigating China's Influence on Tibetan Buddhism. (MongoliaWeekly)

• Read: Mongolian Mythology. (TravelnHistory)

👀 WATCH: The Animated History of Mongolia

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Editor: E.Zolbayar
Writer: M.Khulan & Skh.Angirmaa

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be and does not constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.