Minister: UAE firms serve as strategic partners in Azerbaijan projects

Companies from the United Arab Emirates are playing a strategic role as key investors in Azerbaijan’s renewable energy sector, Azerbaijani Economy Minister Mikayil Jabbarov has said.

Speaking at a reception in Baku to mark the UAE’s National Day, Jabbarov highlighted the deepening political, economic and cultural ties between the two countries, Caliber.Az reports, citing local media.

“The UAE is one of the fastest-growing and most successful states today. Its achievements and sustainable development are encouraging,” he said. “The historical visit of Sheikh Mohammed bin Zayed Al Nahyan to Karabakh in September this year exemplifies the friendly relations, solidarity, and strategic partnership between our nations.”

During the visit, Azerbaijan and the UAE signed a series of important agreements, including the Joint Declaration on Comprehensive Strategic Partnership, raising bilateral cooperation to a new level, Jabbarov added.

Economic collaboration, particularly in trade, investment and energy, is expanding. “In July 2025, we signed a Comprehensive Economic Partnership Agreement in Abu Dhabi. This will boost trade and investment flows and strengthen our competitive and sustainable economic partnership,” he noted.

To further support business ties, a Joint Business Council has been established, providing a platform to enhance cooperation between entrepreneurs in both countries.

Investment collaboration remains a key focus. A joint investment fund with a capital of $1 billion is under negotiation, alongside multiple projects supported by the fund. At the first Azerbaijan International Investment Forum in Baku in September, a $5 billion urban development agreement was signed with Modon Holding.

Partnerships in the oil and gas sector are also expanding, with successful collaboration between SOCAR and ADNOC. Interest is growing in new joint projects across the energy sector.

Jabbarov emphasised that UAE support was instrumental in Azerbaijan’s first operational solar power plant. “Our cooperation with Masdar on solar and wind energy projects in Neftchala, Bilasuvar and Garadag continues successfully, contributing significantly to our country’s green energy goals,” he said.

By Aghakazim Guliyev