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8/14/24, 4:55 PM UAE, Azerbaijan agree to develop economic partnership - Business Today Middle East
The strengthening of cooperation and investment exchanges in the energy and renewable energy sectors was
another major area of focus. The JIC session further explored prospects for partnerships to launch new projects,
particularly in power generation, and for organising workshops for experts from both countries on energy
efficiency improvement.

The UAE is Azerbaijan’s number one trading partner in the Arab world, accounting for 40 percent of its trade
with the region. In 2023, the value of non-oil trade between the two countries surpassed US$1.64 billion (AED6
billion), reflecting an impressive growth of 68 percent compared to that of 2022.

Preliminary figures also suggest a rise in non-oil trade between the two countries during the period from January
to April 2024, which has reached $617 million (AED2.3 billion), reflecting a 62 percent growth compared to the
same period in 2023.

The UAE’s investments in Azerbaijan are estimated at $1.1 billion by the end of 2022, which makes the UAE the
largest Arab and seventh largest global investor in Azerbaijan. Meanwhile, Azerbaijani investments in the UAE
amounted to over $210 million as of the end of 2021.

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