Azerbaijan, UAE strengthen financial ties in Dubai meeting

In a recent meeting in Dubai, Azerbaijan's Minister of Finance Samir Sharifov and the UAE's Minister of State for Financial Affairs Mohamed Hadi Al Hussaini discussed ways to enhance collaboration between the two nations in the financial sector.

Al Hussaini met with Sharifov to explore avenues for expanding cooperation across various fields, Caliber.Az reports via publication by the UAE Ministry of Finance on X page.

اجتمع معالي محمد بن هادي الحسيني وزير دولة للشؤون المالية مع معالي سمير شريفوف وزير المالية في جمهورية أذربيجان في إمارة دبي، لبحث سبل تعزيز التعاون في عدة مجالات، بما في ذلك تنفيذ مذكرة التفاهم الموقعة بين البلدين في يناير 2024#وزارة_المالية pic.twitter.com/r5oUZ6WYeU

— وزارة المالية | الإمارات (@MOFUAE) October 21, 2024

This includes the implementation of a Memorandum of Understanding on financial cooperation, which was signed by both countries in January 2024.

The memorandum aims to develop partnerships in key areas such as public budget management, financial IT systems, and public debt management.

Arab media reports highlight the strong financial and economic ties between the UAE and Azerbaijan. Both parties reaffirmed their commitment to advancing collaboration in areas such as sustainability, climate finance, and economic development.

Al Hussaini remarked, "The UAE takes pride in its robust relationship with Azerbaijan and looks forward to deepening these ties to advance our mutual interests, particularly in sustainable development and climate financing."

He emphasised Azerbaijan's upcoming role as the host of COP29, viewing it as a crucial opportunity to accelerate global efforts in combating climate change.

For the record, the United Arab Emirates and Azerbaijan have developed very strong, reliable friendship and brotherhood relations and necessary steps are continuously taken to expand the cooperation in industry, energy, agriculture, communication and high-tech, also in transport, trade, investment, tourism, launching of new airlines, education and culture.

The two states were and are still cooperating within the bounds of significant international organizations, such as the United Nations (UN), Organisation of Islamic Cooperation (OIC) and other influential regional and international organizations.

By Aghakazim Guliyev