Azerbaijan discusses developing economic ties with UAE, Saudi Arabia

By Azernews

Azerbaijan's Economy Minister Mikayil Jabbarov held meetings with United Arab Emirates Economy Minister Abdullah Bin Touq Al Marri and Saudi Investment Minister Khalid Al Falih on the sidelines of the World Economic Forum in Davos, Azernews reports.

"During the meeting with the Minister of Economy of the United Arab Emirates (@Economyae) Abdullah Bin Touq Al Marri in Davos, we shared our views on the development of #economic and #trade relations between our countries, #investment cooperation, as well as the implementation of new projects," Jabbarov said in a tweet.

Similarly, at the meeting with Saudi Arabia's Investment Minister, the parties discussed prospects for the development of economic relations between the two countries, as well as touched upon the activities of Saudi companies in Azerbaijan and investment and business cooperation opportunities.

The diplomatic relations between Azerbaijan and the UAE were established on September 1, 1992. The trade turnover between Azerbaijan and the UAE amounted to $50.4 million in 2021. Last year, Azerbaijan and the UAE signed an agreement on pilot projects in renewable energy. Under the agreement, the building of a 230-MW solar power plant is planned. On March 15, Baku's Gulustan Palace saw a groundbreaking ceremony for the 230 MW Garadagh solar power plant.

Azerbaijan and Saudi Arabia established a diplomatic relationship on February 24, 1992. The two countries are in successful cooperation in various fields of economy and have fruitful cooperation within the international organizations, particularly the Organization of the Islamic Cooperation and the OPEC+. The trade turnover between the two countries amounted to $27 million in 2021. On January 13, a groundbreaking ceremony for the 240 MW Khizi-Absheron wind farm, which will be built by Saudi Arabia's ACWA Power, was held. After the construction, it is expected to supply 300,000 households, save 220 million cubic meters of gas, and reduce 400,000 tons of carbon dioxide emissions during the year.