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8/14/24, 4:55 PM UAE, Azerbaijan agree to develop economic partnership - Eye of Dubai

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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