Page 518 - MOE ENGLISH PR REPORT - AUGUST 2024

8/14/24, 2:48 PM UAE, Azerbaijan agree to develop economic partnership - Business - Economy and Finance - Emirates24|7
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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