​Dubai trade turnover with Azerbaijan in non-oil field amounted to 486 mln USD in 2014

Baku. 3 April. REPORT.AZ/ Dubai Chamber reviews investment, economic cooperation between Dubai and Azerbaijan.

Chamber of Commerce published a study regarding the level of bilateral economic relations and investments between Dubai and Azerbaijan, Report informs citing GulfNews.

The study revealed the growth of the Azerbaijani companies, operating in Dubai and registered with Dubai Chamber, by 49% in 2012-2014 period

The study also pointed out Dubai’s non-oil trade with Azerbaijan during the period 2011-2014 registering a growth rate of 13 per cent, an increase from Dh1.6 billion in 2011 to Dh1.8 billion in 2014, while Azerbaijan ranked 75th on the list of Dubai’s trading partners during 2014.

" Under Dubai Chamber’s global expansion strategy, our choice for the opening of our first overseas representative office fell on Azerbaijan which is a growing country with economic potential at the crossroads of Europe, Asia, the Caucasus region and shows ample promise in various lucrative areas of investment in the country as well as a gateway for investments in CIS, Central Asia and Europe" - Hamad Bu Amim, President and CEO, Dubai Chamber, stated.

According to him, since its opening in 2012, the Azerbaijan office has supported Dubai businesses to reach out to the Azerbaijan market and beyond in the Caucasus region while also attracting the country’s investors to the potential areas of investments in Dubai besides exchanging visits and enhancing cooperation in the areas of retail and Islamic banking sectors,” he added.