Jabbarov: UAE actively invests in renewable energy projects in Azerbaijan

UAE companies act as strategic partners and leading investors in renewable energy projects in Azerbaijan.

As Report informs, this was stated by the Minister of Economy Mikayil Jabbarov at a reception held in Baku on the occasion of the National Day of the Arab state.

He noted that today the UAE is one of the rapidly developing successful states: "Of course, the achieved successes and sustainable development make us very happy. Political, economic and cultural ties between our countries are deepening thanks to the wise policies of the leaders of both states.

The historic visit of Sheikh Mohammed bin Zayed Al Nahyan to Karabakh in September this year is a vivid example of friendly relations, solidarity and strategic partnership between the two countries. During the visit, a number of important documents were signed, elevating our cooperation to a new level, including the particularly significant "Joint Declaration on Comprehensive Strategic Partnership between the Republic of Azerbaijan and the United Arab Emirates".

The Minister emphasized that bilateral economic cooperation, particularly in the areas of trade, investment and energy, is successfully developing and expanding:

"We signed the 'Comprehensive Economic Partnership Agreement' during the high-level visit to Abu Dhabi in July 2025. The document will contribute to increasing trade and investment between our countries, creating a more competitive and sustainable economic partnership.

Considering the role of entrepreneurs in expanding trade and investment ties, a decision was made to establish a Joint Business Council. This new institutional mechanism will contribute to enhancing cooperation between business circles to a higher level.

Our cooperation in the field of investment is of great importance. The Joint Investment Fund with financial capabilities of 1 billion dollars is one of the most important tools in this area. Currently, negotiations are underway on investing in a number of projects through the Fund. Within the framework of the 1st Azerbaijan International Investment Forum held in Baku in September this year, a cooperation agreement was signed with Modon Holding for a $5 billion investment project in urban development.

Our partnership in the oil and gas sector is developing as a result of successful cooperation between SOCAR and ADNOC companies. At the same time, we are seeing growing interest in partnership in new projects".

Jabbarov also drew attention to the fact that the construction of the first commissioned solar power plant was carried out with the support of the UAE:

"Our cooperation with Masdar company on solar and wind energy projects in Neftchala, Bilasuvar and Garadagh continues successfully. This partnership makes a significant contribution to achieving our country's green energy goals".