UAE, Azerbaijan plan investment company

Leading corporate firms from the UAE and Azerbaijan, a Central Asian oil and gas rich state, will form a joint international investment company, it was revealed at the second UAE-Azerbaijan Joint Economic Committee meeting held in the capital.

The committee, which was established in 2008 to co-operate in corporate businesses within the two countries for their investors and exchange expertise in diversified economic developments, met for the second time yesterday in Abu Dhabi.

It was co-chaired by Minister of Economy Sultan Saeed Al Mansouri and his Azeri counterpart Shaheen Mustaphiaaph with business delegates and government officials from both sides.

Talking to reporters, the Azeri minister said a multi-billion dollar joint investment company will be established between corporate investors, including the private sector, from the two countries to help further strengthen the two economies with international investment explorations.

The joint company will acquire international assets in various sectors as well exchange investment within the UAE and Azerbaijan.

"The joint committee has been working on the new company that is likely to be established within a year. We are still working on it and it is in the studying stage with the involvement of prospective investors from the two countries. I will be happy when it is established within a year as it will be a boost for the economies of the two countries," said Mustaphiaaph.

According to him, the two sides will further discuss the joint venture on the second and final day of the committee meeting today and will lay its foundation.

He also said Azerbaijan will benefit from the strong sovereign wealth funds of the UAE and seek investment from them.

Earlier, addressing the meeting, Mustaphiaaph said the establishment of the committee has paved the way for exchanging expertise in various fields between the countries since both are oil and gas-producing states with diversified economies.

"There are huge opportunities to gain from each other. The two countries can benefit from economic cooperation in industrial, agricultural, IT, tourism and other areas of interests. We are particularly interested in gaining expertise from the UAE experience of developing successful industrial free zones and Islamic banking. During these two days we may explore many, many avenues of trade, investment and cooperation," the Azeri minister said.

In his address, Al Mansouri said the second meeting of the committee marked the beginning of a new era in stronger economic co-operation between the UAE and Azerbaijan. He also stressed the UAE's keenness to enhance bilateral relations with Azerbaijan especially in investment and trade.

He said: "Since the last meeting in Baku last year, several circumstances have occurred and which require both sides to enhance economic ties and to increase rates of bilateral trades to the highest levels."

/Emirates Business/