UAE and Azerbaijan look to enhance financial cooperation

The UAE Minister of State for Financial Affairs, Mohamed Hadi Al Hussaini, met with Azerbaijan's Minister of Finance, Samir Sharifov, in Dubai to discuss enhancing cooperation in the financial sector and other areas of mutual interest.

The meeting, also attended by Acting Assistant Under-Secretary for International Financial Relations at MoF, Ali Abdullah Sharafi, addressed the robust financial and economic ties between the UAE and Azerbaijan.

Welcoming the Azeri delegation, Al Hussaini expressed his appreciation for Azerbaijan’s support in climate finance and underscored the importance of collaboration in this arena.

"We are proud of our strong relations with Azerbaijan and look forward to deepening these ties to advance our mutual interests, particularly in sustainability and climate finance," he said.

Al Hussaini also noted that Baku's upcoming role as host of COP29 provides a significant opportunity to further global efforts in combating climate change.

During the meeting, the two ministers reviewed progress on several fronts, including the implementation of a memorandum of understanding on financial cooperation signed in January 2024. This agreement has expanded cooperation in key areas such as public budget management, financial IT applications, and public debt management.

Sharifov commended the deeply rooted bilateral relations, reaffirming his country’s commitment to enhancing these ties by exchanging expertise in the financial sector and other related areas.

The two countries have established a framework for economic collaboration, including an MoU on financial cooperation signed in January 2024, a double taxation avoidance agreement signed in November 2006, and an investment protection and encouragement agreement signed in November 2006.