Eduardo Eurnekian

Mr. Eurnekian is no stranger to bold bets. A decade ago, he correctly foresaw that a combination of democratic government and free-market reforms would spur a media boom in Argentina. More recently, he has been at the forefront of investors, including George Soros of the U.S. and Italy's Benetton family, who believe Argentina will once again be one of the world's great agricultural powers. He has purchased a giant tract in the north of the country and is planting half of it with cotton for export.
"Eduardo is a visionary who also has a real knack for business," says Eric Pfeffer, president of Cendant Corp.'s hotel division in Parsippany, N.J. "He's a real find for us."
While Mr. Eurnekian's foreign partners have nothing but praise for the way he does business, his image in Argentina is more controversial. The son of Armenian immigrants, he started out in the family textile business, which by the early 1980s had fallen on hard times because of the disastrous state of the Argentine economy. Like many other companies in the textile industry, Mr. Eurnekian kept his companies afloat by borrowing tens of millions of dollars from a government development bank that was never repaid, people in the industry say.
Because of runaway inflation, the companies all contended that the loans were worthless, despite the government bank's insistence that they be indexed to inflation. During the 1980s, Mr. Eurnekian's brother and business partner held a senior economic post in the government of then President Raul Alfonsin.
Mr. Eurnekian denies ever borrowing money from the now-liquidated Banco Nacional de Desarrollo. The official in charge of the liquidation process at the economy ministry here says he can't confirm whether Mr. Eurnekian's companies borrowed money from the bank. "I don't want to cause myself any headaches," he says.

What is clear is that by 1988, the future wasn't getting any brighter for the family business. Trade barriers were being pulled down and local companies were swamped by a flood of cheap imports. "I thought, how can I be a pioneer like my father?" recalls Mr. Eurnekian, who has never married and works legendarily long hours. "I thought: communications." That year, he invested in an almost-bankrupt cable-television company and bought a small business newspaper.
He set to work buying up cable licenses for greater Buenos Aires, a region of 13 million people, and, as his cash flow grew, bought a television channel and a radio station. His main textile plant was gradually gutted and filled with journalists and technicians.
Mr. Eurnekian's move was well timed. Attracted by President Carlos Menem's aggressive free-market policies and Argentina's relative affluence, U.S. cable operators began scouting for acquisitions here. In 1994, Mr. Eurnekian sold a 51% stake in his Cablevision SA, then Argentina's second-largest cable operator, to Tele-Communications International Inc. of Denver for $350 million. Last year, he netted $320 million by selling most of his remaining shares to local investment giant CEI Citicorp Holdings SA.

Not that this matters to the international audience, but Eduardo Eurnekian - who happens to be the businessman in question - already operates Zvartnots Airport.
The press service of the bank reports that the new owner intends to continue the bank's normal activities and upgrade the quality of services. It will not be difficult to make the Conversebank Armenia's best bank because a number of international organizations have recognized it as one of the leading banks in the country, Eurnekian said.

Eurnekian's strategic policy will be aimed at promoting business development in Armenia, creating new jobs, applying up-to-date technologies and ensuring the bank's long-term development.
The press release aside, we may be witnessing the emergence of a new businessman in Yerevan. Let's see if that prediction comes true.

Aeropuertos Argentina 2000 with Eduardo Eurnekian, has embarked on a process to modernize, convert, and expand the existing airport infrastructure, with the ultimate goal of connecting the largest number of cities possible through an efficient airport network. This is the reason for the $5.3 million investment earmarked for construction of a new meteorological station and a new beacon system and for remodeling the electrical substations at the International Airport of Córdoba Ambrosio Taravella.
The new meteorological station will cost a total of $3.6 million and consist of the construction of a 160-square meter building, a 70-square meter storehouse, a meteorological observation camp, a remote meteorological station, observation instruments, and access roads.
This new meteorological station will replace the existing one, where hangars will be built in the near future.
The new beacon system requires an investment of $1.7 million. This work includes new circuits, replacement of isolation transformers and runway lightning. The electrical substation will be remodeled as well. New electrical equipment, voltage transformers, and a power cable to feed the new meteorological station will be built.
The remodeling process will last seven months, during which time the airport will be open and working normally.
This new stage in the remodeling process is part of the Master Plan that Aeropuertos Argentina 2000 designed for Córdoba's Airport. Last year, the Company earmarked $15 million to rebuild 6,700-sqaure meters of tarmac.
Cordoba's Airport was reopened in May 2006 after a remodeling plan that required an investment of $50 million. Due to those works, the airport's annual traffic grew from 1.1 million to 2.4 million people. The airport occupies 19,000-square meters and utilizes state-of-the-art technology in security and services.

During the Fifth Summit of the Americas held in Trinidad and Tobago between April 17-19, 2009, Eduardo Eurnekian, chairmaster of Corporación América presented the Bi-Oceanic Corridor Project that will connect MERCOSUR to Asian markets.
Former Secretary of State and actual Special Advisory of Corporación América, Rafael Bielsa, was in charge of the presentation during the II Hemispheric Private Sector Forum held in Port of Spain as one of the Forums previous to the Summit. Bielsa was part of the panel "Largest Infrastructure Projects in the Americas " with Inter-American Development Bank (IADB) President, Luis Alberto Moreno, and Corporación Andina de Fomento (CAF) President & CEO, Enrique García. IADB and CAF are both the main financiers of the project.
With an investment of U$3.000 million, the Bi-Oceanic Corridor will link, trough a broad gauge railroad system, the cities of Luján de Cuyo in Mendoza with Los Andes in the 5th Region of Chile. The 52 Km. tunnel will be built 2.300 meters above sea level and will be open 365 days a year.
"This project can be compared to the Suez and Panama Canals because it will be the first tunnel linking two oceans and five countries, including Uruguay, Brazil and Paraguay", said Bielsa during his dissertation.
This tunnel is not only a door for MERCOSUR to international markets such as China, Australia and West of USA and Mexico, but will also allow Chile to gain access to European and African markets through the Buenos Aires Port.
Argentina and Chile exchange 7,5 million tons a year trough the actual border crossing, Cristo Redentor. This crossing is 3.200 meters above sea level, and stays closed for almost 2 months a year due to climate. Estimations calculate that in year 2020 these countries would reach, thanks to the Bi-Oceanic Corridor, a bilateral exchange of 20 million annual tons.
Already six companies integrate the holding that participate in the tunnel construction. The Brazilian construction company Odebrecht has lately joined the Chilean Interocéanica, the Argentinean José Cartellone Civil Constructions, the Spanish COMSA, and the Italian GEODATA.
As for the steps to follow, former Secretary of State Rafael Bielsa said that "the holding has signed memos of understanding and the initiative has been declared of national interest by both the Argentinean and Chilean governments".

Unitec Agro, the Agro industrial Business Company that is part of Corporación América with Eduardo Eurnekian, is ready to inaugurate an aqueduct in the northern province of Chaco.
U$ 40 million have been invested in the 273 Km. of canals that are going to be constructed. As well as being used for irrigation, the aqueduct will bring water to several villages in the region. So, as soon as the aqueduct begins to operate, the villages of Laguna Limpia, Ciervo Petizo, Presidencia Roca, Capitán Solari and Las Garcitas, will have a supply of drinking water coming from the Bermejo River.
Chaco Province Governor, Jorge Capitanich, visited the aqueduct with a group of Moroccan businessmen and government employees. The Governor said to the press that this aqueduct "will boost agricultural business and improve human lives by bringing drinking water to many people".
Unitec Agro achieved a vertiginous development thanks to the vision of its leaders, who have focused on investigation, expansion, international presence and diversification activities, all of which, added to the spirit of its employees -a group of interdisciplinary professionals- turned a simple agro industrial project into an enterprising group.
Following its international expansion policies, Unitec Agro has recently opened a new Company in Morocco, "Lands of Morocco", that will basically exploit Moroccan farmlands. Unitec Agro's main objective is to set up in the Maghreb (The North African Common Market) to develop different business lines.

Businessman Eduardo Eurnekian is diversifying his business, and this time he gets into winery commerce in Argentinean Patagonia.
With a U$50 million investment, Eurnekian Family and Viola Family became partners. The Violas own the winery since 1999.
Eduardo Eurnekian's nephew, Matías Gainza Eurnekian, who at present is Unitec director, will be in front of the new family business. Unitec belongs to Corporación América and has a portion of land where cotton, cereals, and cows are produced in the northern Argentinean province of Chaco. Unitec also has a 300-hectare land in Armenia where Cognac is produced.
Fin del Mundo Winery was born when the Violas planted the first vineyards in a deserted and wind swept portion of land. Ten years have passed since then, and today there are seven wineries in San Patricio del Chañar, a region located only 50 Km. to the north of Neuquén City.
The winery will continue to seek advice from Michel Rolland, the legendary expert in wines who is, since 2004, Fin del Mundo's consultant.
Neuquén Province is not new to Eduardo Eurnekian, who had already installed in the region through Aeropuertos del Neuquén, the concessionaire of Neuquén City's airport. Regarding wine business, Eurnekian has participated in wine entrepreneurships in Armenia and Morocco in the last ten years.

Consorcio Aeropuertos Internacionales SA (CAISA), part of Corporación América with the charimaster Eduardo Eurnekian, and concessionaire of Laguna del Sauce Airport in Punta del Este, will issue bonds for U$25 million to finance the above-mentioned airport's remodeling project.
The bonds, which are being qualified by Fitch, will be denominated in US dollars. Ficus Capital, an investment banking and securities firm that offers quality advisory services, is the organizer of the operation.
The maturity of CAISA bonds will be ten-years, similar to the ones issued in April 2008 by Puerta del Sur -Carrasco's Airport concessionaire and also part of Corporación América. The latter were earmarked to the construction of a new terminal. Along with the bonds, CAISA's will have a trust fund to bring transparency to the operation.
Corporación América, which will administrate Punta del Este's airport until 2019, bought CAISA in December 2007.
Laguna del Sauce airport's concession includes the Free Shop and is the second that Corporación América manages in Uruguay, since they also control International Airport of Carrasco in Montevideo.
Corporación América, which is the main shareholder of Aeropuertos Argentina 2000, currently manages about thirty airports in Argentina as well as other terminals in the world, such as Guayaquil Airport in Ecuador, and Zvarnots Airport, in Armenia.

Former US President, Bill Clinton, arrived in Argentina, where he expounded upon Global Crisis and both countries -US and Argentina- challenges. Almost 1,000 people attended the conference that Clinton gave on behalf of the "Clinton Foundation". Among the attendants, there were businessmen, Supreme Court members, politicians, diplomats, academicians, and high-level government employees.
But right before the conference, Clinton -who governed US between 1993 and 2001-, had lunch with a selected group of 20 businessmen with a strong presence from Argentina and Latin America. He shared table with Julio, Gerardo and Adrian Werthein (event organizers and owners of the insurance company La Caja), Eduardo Eurnekian (Corporación América Director), Ernesto Gutierrez Conte (Corporacion America and Aeropuertos Argentina 2000 CEO), Enrique Eskenazi (Petersen Group President), Jorge Brito (Banco Macro and Adeba President), Hugo Sigman (Elea y Bagó laboratories owner) Eduardo Elztain (IRSA Group President), and Juan Carlos Lopez Mena (Buquebús owner).

After Lunch, Bill Clinton walked toward the auditorium of the Hilton Hotel where, for almost 90 minutes, he spread the Clinton Global Initiative's work, which is a project of the Clinton Foundation that brings together a community of global leaders, university students, and private citizens to identify and implement innovative solutions to the world's most pressing challenges, including poverty alleviation, climate change, global health, and education.
During the conference, in front of almost 1,000 people, former President said "the worst crisis seems to be over". He also reminded the origins and the different stages that the crisis went trough, and he recognized that "We should have prevented the repossession hearings, but we didn't".
Later that night, when he shared dinner with Argentinean President Cristina Fernández and his husband, Nestor Kirchner; Buenos Aires Governor, Daniel Scioli; Secretary of State, Sergio Massa; Minister for Public Investment, Julio de Vido; businessmen and event organizers, Julio, Gerardo and Adrian Werthein; and Aeropuertos Argentina 2000 CEO, Ernesto Gutierrez Conte, Former President Clinton said how much he enjoys Argentina. He also praised US Ambassador's Earl Wayne job in Argentina, , who is leaving Buenos Aires to hold his new diplomatic assignment in Afghanistan.