The UAE and Azerbaijan have reaffirmed their commitment to deepening financial relations, as high-ranking officials from both nations met recently in Dubai.
UAE Minister of State for Financial Affairs Mohamed Hadi Al Hussaini and Azerbaijan’s Minister of Finance Samir Sharifov discussed expanding bilateral cooperation in various sectors, particularly focusing on economic development and financial innovation. This meeting marks another step toward enhancing the UAE-Azerbaijan financial relations, paving the way for greater economic collaboration.
During the meeting, the ministers reviewed the progress of several agreements, including a memorandum of understanding (MoU) on financial cooperation signed in January 2024. The MoU has led to increased collaboration in key areas such as public budget management, financial IT applications, and public debt management. The UAE and Azerbaijan also share a long-standing bilateral trade agreement framework, which includes a double taxation avoidance agreement and an investment protection agreement signed in 2006.
These agreements have solidified the foundation for economic cooperation between the two countries, enhancing trade and investment flows in recent years. The ministers also explored new avenues for collaboration, particularly in climate finance, a sector gaining prominence with Azerbaijan’s role as the host of COP29.
Economic experts have praised the growing economic cooperation UAE shares with Azerbaijan, noting that the financial sector plays a critical role in fostering deeper ties. Industry insiders believe that further strengthening these relations will bring mutual benefits, particularly in technology-driven finance and sustainable development projects.
“Both countries are well-positioned to leverage each other’s strengths in the financial industry. We foresee a robust future for their economic partnership, especially in areas like fintech and climate-focused investments,” said a leading financial analyst based in Dubai.
As financial cooperation between the UAE and Azerbaijan continues to flourish, businesses from both nations should explore new opportunities to engage in cross-border investments and collaborations. With strategic agreements in place, companies looking to expand in these markets can benefit from government support and growing trade relations.
