Contributions To Economy
Taghiyev invested his fortune not only in oil business, but also in many other projects such as a textile factory (one of the 28 textile factories functioning in Russia at the time) and industrial fisheries along the shore of the Caspian Sea. He arranged for the construction of a mosque and evening self-education courses for the employees of the textile factory, a school for their children, a pharmacy, a first-aid post and a mill. Altogether his project cost Taghiyev more than 6 million golden roubles. He sold his oil business interest to Anglo-Russian Oil Company for 5 million rubles. In two and a half years, they had earned more than 7.5 million rubles in net profit. It should be mentioned that Taghiyev sold his oil companies in order to diversify into other industries of the Caucasus's economy. He amassed shares in the Oleum Company established on the basis of these enterprises to the amount of 16 million rubles. This allowed him to continue accumulating capital created in the oil sector. During this period, Taghiyev invested significant sums into the textile, food, construction and shipbuilding industries, as well as in fishery. Later, in 1890, Taghiyev bought the Caspian Steamship Company, renovated it and created a fleet of 10 steamboats.
Taghiyev owned real estate in Baku, Moscow, Tehran, Isfahan, Anzali, and Rasht.
Read more about this topic: Zeynalabdin Taghiyev
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