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The Grupo de Administración Empresarial S.A. (GAESA) is a Cuban business megaconglomerate, owned and operated by the Cuban Revolutionary Armed Forces. Among Cuba's "most powerful institutions", it is estimated to control between 40-70% of the Cuban economy, with revenues three times the state budget. GAESA consists of dozens of businesses, dealing in everything from hotels and tourism to construction, port logistics, fishing and commercial imports, financial services and retail stores. Contrasting reports describe it as a financial juggernaut protected from sharing its resources with the impoverished Cuban society by its political clout, or as much less financially successful, being "on the verge of bankruptcy".
Biography
The Grupo de Administración Empresarial S.A. (GAESA) is a Cuban business megaconglomerate, owned and operated by the Cuban Revolutionary Armed Forces. Among Cuba's "most powerful institutions", it is estimated to control between 40-70% of the Cuban economy, with revenues three times the state budget. GAESA consists of dozens of businesses, dealing in everything from hotels and tourism to construction, port logistics, fishing and commercial imports, financial services and retail stores. Contrasting reports describe it as a financial juggernaut protected from sharing its resources with the impoverished Cuban society by its political clout, or as much less financially successful, being "on the verge of bankruptcy".
