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Azerbaijan and UAE create joint investment platform

16 December 2023 16:20 (UTC+04:00)
Azerbaijan and UAE create joint investment platform

Azerbaijan Investment Holding (AIH) and ADQ, an investment and holding company based in Abu Dhabi, UAE, have announced the establishment of a joint venture to invest in sectors of mutual interest and priority, such as agriculture, technology, pharmaceuticals and energy infrastructure, Azernews reports.

According to ADQ, the platform will seek and capitalise on investment opportunities with the aim of generating sustainable financial returns on invested capital.

Investments will mainly focus on Azerbaijan, UAE and Central Asia, with the possibility of expanding to other countries.

It is noted that ADQ and AIH will hold a 50 percent stake in the joint venture and each party will allocate $500 million to establish the platform.

During the signing of the agreement, Mikail Jabbarov, Azerbaijan's Minister of Economy and member of AIH's Supervisory Board, said that this partnership reflects the importance of economic, political and commercial relations between the two countries.

"The new fund will serve as a tool for the implementation of joint projects aimed at the long-term development of both countries and the entire region," he said.

For his part, ADQ's Managing Director and CEO, Mohamed Hassan Alsuwaidi, said the establishment of this joint investment platform not only strengthens bilateral ties between the two countries, but also emphasises ADQ's commitment to developing meaningful partnerships in strategic markets in line with its investment priorities.

The UAE and the Republic of Azerbaijan have enjoyed strong economic relations since 1992, marked by a more than threefold increase in the value of their non-oil trade over the past five years. The two countries continue to explore areas of mutual interest.

As a reminder, a Joint Investment Framework Agreement was signed between the Azerbaijan Investment Holding Company and the Abu Dhabi Development Holding Company on 15 December 2023.

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