Azerbaijan and BlackRock: Baku has chosen right partners

On January 20, President of Azerbaijan Ilham Aliyev met in Davos with Larry Fink, Chief Executive Officer of BlackRock, one of the world's leading asset management companies, and Adebayo Ogunlesi, founder, chairman and Chief Executive Officer of Global Infrastructure Partners (GIP), its member company.

The current state and prospects of cooperation between the State Oil Fund of Azerbaijan (SOFAZ) and BlackRock, as well as potential investment opportunities in the infrastructure sector of our country, were discussed.

During the meeting in Davos, a protocol of intent on long-term cooperation was signed between SOFAZ, BlackRock and Global Infrastructure Partners. It is reported that the document provides for the continuation of cooperation in the long-term strategic perspective, as well as the study of potential investment opportunities in Azerbaijan within the framework of the international infrastructure investment platform. According to the protocol of intent, it is planned to consider the possibility of investing up to 1.5 billion over three to four years. USD to SOFAZ's GIP-managed infrastructure funds, as well as joint investment opportunities. In particular, in the field of data centers and infrastructure serving regional needs for cloud technologies and AI in Azerbaijan. In addition, the prospects for partnership in the field of airport infrastructure will be explored, taking into account the operational and managerial experience of Global Infrastructure Partners.

The signed document will serve to strengthen SOFAZ's position in the global investment ecosystem.

The signing of the protocol of intent between SOFAZ and BlackRock attracted attention. American BlackRock is not just one of the partners, it is one of the largest investment companies in the world and the largest in the world in terms of assets under management. According to the latest data published by Bloomberg, BlackRock Inc. continues to show phenomenal growth. By the end of the fourth quarter of 2025, the company attracted a record $342 billion from customers, bringing the total assets under its management to a record $14 trillion. BlackRock includes, first of all, huge portfolios of shares of technology giants such as Apple, Microsoft, Amazon, Nvidia, as well as other large companies. At the same time, BlackRock itself owns stakes in a variety of funds, infrastructure and IT assets, including EPAM, CyrusOne, Vantage Towers, and has significant stakes in State Street, Mondelez, and Coca-Cola. Etc. The scale of the company, I think, is clear.

Global Infrastructure Partners was established in 2006 and acquired by BlackRock in 2024. GIP currently manages assets of $189 billion.

The cooperation between the State Oil Fund and BlackRock is an important step in terms of the economy and strategic development of Azerbaijan. This is a strategic step by Baku with very broad prospects. It gives the country access to the largest global financial markets and investment platforms, where SOFAZ alone would be more difficult to enter.

Further, Azerbaijan gets the opportunity to participate in large-scale infrastructure projects that bring long-term income. The parties already have an example of cooperation in this area. Last December, when receiving the head of Global Infrastructure Partners in Baku, President Ilham Aliyev noted that SOFAZ's investments in the Italo high-speed railway operator and London Gatwick Airport were examples of successful cooperation.

Gatwick is the UK's second busiest airport, serving more than 40 million passengers annually. In 2024, it ranked 10th among the busiest airports in Europe in terms of total passenger traffic. In October 2025, the State Oil Fund of Azerbaijan and Global Infrastructure Partners entered into a partnership agreement to invest 50 million pounds in Gatwick Airport in London. SOFAZ's press release noted that this deal is one of the largest infrastructure deals concluded by the fund on the European market. This investment, SOFAZ noted, reflects the strategic goal of the Azerbaijan fund to create long-term value and further diversify its portfolio by investing in sustainable infrastructure assets in developed markets.

As for the second project, last February SOFAZ joined GIP and invested 34.5 million euros in Nuovo Trasporto Viaggiatori S.p.A (Italo), Italy's leading high-speed railway operator. Italo is reported to be delivering strong operational performance and significant growth potential amid growing demand for sustainable mobility solutions. These investments are of strategic importance in terms of diversifying SOFAZ's investment portfolio by investing in sustainable infrastructure assets as a long-term investor, the fund noted.

We would like to emphasize that the Azerbaijani side has invested in a very profitable and potentially developing project. Italo carries out transportation on routes covering 54 Italian cities, including the Milan-Rome transport corridor.

Given that the State Oil Fund of Azerbaijan currently invests not only in the oil and gas industry, but also in infrastructure, transport, digital and renewable energy, the partnership with BlackRock allows SOFAZ to diversify its assets into new areas and geographies without serious dependence on oil prices. In addition, the experience of the American giant and unparalleled knowledge in the field of managing large assets, risks, and so on are important for the Azerbaijani side.

And, of course, it is impossible not to mention the prestige of the partnership at BlackRock. This partnership forms certain approaches to Azerbaijan in the global financial market. It seems that after signing the protocol in Davos, other investment companies will also pay attention to Azerbaijan.

At a December meeting with the Azerbaijani leader, GIP head Adebayo Ogunlesi stated that the company was interested in cooperation with Azerbaijan. Ogunlesi noted that GIP has experience in optimizing the functioning of airports, logistics and transport corridors, in the field of energy, including renewable energy. He expressed interest in cooperation with Azerbaijan in the field of energy transition, transport and digital infrastructure.

Relations between Azerbaijan and Black Rock did not start today. In January 2018, within the framework of the Davos Forum, President Ilham Aliyev held a meeting with the founder, Chairman of the Supervisory Board and Executive Director of Black Rock, Larry Fink. At that meeting, Mr. Fink said that the world is watching with interest the development of the non-oil sector in Azerbaijan and the ongoing reforms in this area. "I hope that in the coming years Azerbaijan will act not only as an investor of the Black Rock company, but also as an object of its investments," said the head of the American company.

This partnership was not only welcomed, but also criticized by certain circles. From outside our country, cooperation with BlackRock was called "not just infrastructure projects, but levers of influence strategically timed to the Western turn of Azerbaijan," they stated that "Azerbaijan is turning into a base for Western energy and logistical expansion across Eurasia," that "the State Oil Fund has enslaved itself," that the country is "turning from a partner of Russia." to a potential NATO outpost," and so on.

In response to this, we can say the following: Azerbaijan is doing what meets its national interests. And he will continue to act in the same spirit, not bothering with other people's opinions about the steps he is taking. 

Today, BlackRock CEO Larry Fink heads the World Economic Forum, becoming the "mayor of Davos" and replacing Klaus Schwab, who resigned in 2025. At the opening of the WEF-2026, he called the expansion of welfare the main task of the Davos Forum.

The "expansion of prosperity" is the goal that Azerbaijan has been pursuing by participating in the Davos Forum for thirty years. Our country was first represented at the WEF in 1995, when a special meeting dedicated to Azerbaijan was held, and national leader Heydar Aliyev spoke about the potential of the republic. President Ilham Aliyev attended the Davos Forum for the first time in 2007. 

For Azerbaijan, the WEF is about opening new horizons in the context of the country's development and, as a result, improving the well-being of its people. Azerbaijan's participation in the Davos forums is not a formality, but a conscious and sought-after contribution to shaping the global agenda. The country has something to offer the world, and the world understands this well.