Baku. 21 October. REPORT.AZ/ “The ties between Azerbaijan and the UAE are stronger than ever. There are now 263 Azerbaijan companies registered in the UAE, with businesses in oil services, real estate, finance and construction,” Report informs Azerbaijani Consul General in Dubai, Parviz Ismayilzadeh said in his interview with The National.
"The relationship also works the other way. The UAE is the fifth-biggest foreign investor in Azerbaijan, which imports consumer goods and construction equipment from the Arabian Gulf to help with the planned diversification of the Azerbaijan economy, an area where the UAE can lend experience", the diplomat added.
According to him, that diversification has been a priority for Azerbaijan under the president Ilham Aliyev, who has used the oil wealth of the Caspian shores to invest in infrastructure and other non-oil capital expenditure. Baku has emerged as one of the most dynamic cities in the region – the “Dubai of the Caspian”, as it is sometimes called.
"The UAE was one of the first countries to recognize Azerbaijan 24 years ago, and there has been a permanent intergovernmental commission between the two countries since 2006 to promote trade and economic ties. But this year there has been a new flurry of business and commercial activity, including a round of agreements clinched during an official visit by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai", Mr.Ismayilzadeh stated.