Azerbaijan explores business expansion with Saudi Fund for Development

Azerbaijani Economy Minister Mikayil Jabbarov has written that the discussions on expanding connections with representatives of the Saudi Fund for Development were held. 

“We were pleased to welcome Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, and his colleagues to our country. During our discussions, we highlighted the importance of projects implemented with the Fund's support, explored new opportunities for collaboration in priority sectors, and discussed expanding business ties across various industries,” Caliber.Az reports, citing the minister’s message on X.

Moreover, Jabbarov met with CEO of the Saudi Fund for Development Sultan Abdulrahman Al-Marshad.

During the meeting, the minister emphasised the importance of developing economic relations between Azerbaijan and Saudi Arabia and expanding business ties between the business communities. 

He highlighted the significance of projects being implemented in Azerbaijan with the support of the Saudi Fund for Development.

Jabbarov pointed out the potential for investment in priority sectors of the economy, including industry, energy, and agriculture, as well as the opportunity for Saudi investors to participate in the restoration of territories liberated from occupation. 

Sultan Abdulrahman Al-Marshad expressed confidence that efforts to strengthen cooperation between the two countries and the discussions would contribute to the development of trade and economic relations. He also outlined the prospects for implementing new joint projects.

The sides discussed public-private partnership, green energy projects being developed within the Middle Corridor, and the evaluation of new opportunities for collaboration in investment and other priority areas, as well as the expansion of ties with businesses across various sectors.

The Saudi Fund for Development was founded by virtue of Royal Decree No. M/48, issued on September 1, 1974, and it commenced the operations on March 1, 1975. As defined in its charter, the Fund’s main objectives are to participate in financing development projects in the developing countries by granting them the necessary loans, technical aids necessary for financing studies and institutional support. The Fund is a general institution and legal entity of an independent financial status. It is managed by a ten-member Board of Directors. The Fund’s Chief Executive Officer assumes the executive authority and he is responsible for the implementation of the Board’s decisions.

By Naila Huseynova