UAE and Azerbaijan forge deals
BAKU // Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, on Thursday held talks with Azerbaijan’s president during a two-day visit that resulted in bilateral economic and emergency readiness agreements.
Sheikh Mohammed and president Ilham Aliyev discussed ways to strengthen cooperation with Azerbaijan, state news agency Wam said. Mr Aliyev voiced confidence in the results of the bilateral exchange, particularly in investment.
The leaders also signed agreements on the exchange of information between the UAE’s Securities and Commodities Authority and its Azerbaijani counterpart.
The UAE and Azerbaijan also signed an agreement on cooperation between the UAE’s National Emergency Crisis and Disaster Management Authority and Azerbaijan’s ministry of emergency situations.
Sheikh Mohammed and Mr Aliyev welcomed the agreements, saying they hoped these would boost bilateral ties.
Also on Thursday, the Dubai Chamber of Commerce and Industry issued a study on investment opportunities with Azerbaijan, Wam said.
The chamber said the number of Azerbaijani companies operating in Dubai rose 49 per cent last year from 2012, with 262 companies registered. The study found that Dubai companies could export building materials to Azerbaijan.
The Azerbaijani tourism sector is expected to grow about 7.5 per cent a year until 2022.
Azerbaijan accounts for nearly 73 per cent of the South Caucasus regional economy, according to the Dubai chamber’s study.
Updated: April 2, 2015 04:00 AM