"The historic visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan to Garabagh in September clearly demonstrated our friendship, solidarity, and strategic partnership. During the visit, a number of important documents were signed that elevated our cooperation to a new level, and the Joint Declaration on Comprehensive Strategic Partnership Relations between Azerbaijan and the United Arab Emirates has become a document of particular significance," said Azerbaijan’s Minister of Economy Mikayil Jabbarov at an event in Baku marking the UAE’s national holiday.

Jabbarov noted that cooperation between the two countries is progressing successfully across all areas, including economic and trade relations, and that both sides are committed to further strengthening these ties.

"Our cooperation in the field of investment is of particular importance. The Joint Investment Fund, with a financial capacity of $1 billion, is one of the main instruments in this regard. Negotiations on several investment projects are currently underway within the Fund. During the First Azerbaijan International Investment Forum held in Baku in September, a cooperation agreement was signed with Modon Holding on a $5 billion urban development investment project," he added.

The Minister continued: "Our partnership in the oil and gas sector also continues to expand through the successful cooperation between SOCAR and ADNOC. At the same time, we are seeing growing interest in developing new joint projects. UAE-based businesses are significant investors and strategic partners in Azerbaijan's renewable energy initiatives. The first solar power plant commissioned in Azerbaijan was built with UAE cooperation.”

"In addition, we plan to establish a Joint Business Council to further expand trade and investment relations. This new institutional structure will boost cooperation between our business groups to an even higher level," Minister Jabbarov concluded.