Minister: Baku, Abu Dhabi to boost joint projects from Caspian to Gulf VIDEO

Azerbaijan and the United Arab Emirates (UAE) intend to deepen their cooperation not only in the Caspian region but also in third countries, Azerbaijani Economy Minister Mikayil Jabbarov said in an interview with CNN Business Arabic.

According to Jabbarov, the two nations are already partners in a wide range of projects, particularly in energy security and diversification.

“We are also partners with Masdar on renewable energy projects in Azerbaijan. Our cooperation with Masdar, ADNOC, XRG, and many other companies is expanding,” the minister noted in an interview, which he shared on his X account.

#OPEC Beynəlxalq İnkişaf Fondunun (@TheOPECFund) Forumunda iştirak çərçivəsində "CNN Business Arabic" (@CNNBusinessAr) telekanalına müsahibədə #Azərbaycan - #BƏƏ #iqtisadi əlaqələrinin gücləndirilməsi, #enerji, sənaye, nəqliyyat və #investisiya-lar sahəsində uğurlu əməkdaşlıq,… pic.twitter.com/pbCe0Pb9Lw

— Mikayil Jabbarov (@MikayilJabbarov) June 25, 2025

He emphasised that the partnership extends beyond the energy sector. Azerbaijan and the UAE have established a joint investment fund with a capital of $1 billion. The fund is actively investing in regions such as Central Asia and the Persian Gulf.

Jabbarov also revealed that Azerbaijan and the UAE are preparing to sign a Comprehensive Economic Partnership Agreement. The negotiations for the agreement have already been completed.

“We are awaiting the right moment to sign the agreement. It will have a positive impact on trade growth and the mutual flow of investments. The agreement will come into force after ratification by the legislative bodies of both countries. We hope it will be in effect by the end of 2025 or early 2026,” Jabbarov stated.

He added that several joint projects between Azerbaijan and the UAE have already been identified as having strong mutual potential.

“We aim to expand cooperation on existing projects and to launch new joint ventures. Some of these initiatives will begin bearing fruit by 2028. For example, the development of the giant Absheron gas field in Azerbaijan’s sector of the Caspian Sea is expected to reach an annual output of 5 billion cubic meters by the end of 2028. We are very optimistic in this regard,” the minister said.

As for sectors with strong potential for collaboration, Jabbarov highlighted real opportunities in areas such as trade, transportation and logistics, artificial intelligence, data centers, real estate, finance, and digital banking.

 By Tamilla Hasanova