On June 26, Mikayil Jabbarov, the Economy Minister of Azerbaijan, announced plans to deepen cooperation between Azerbaijan and the United Arab Emirates (UAE) in the Caspian region and third countries.

Jabbarov highlighted that the two countries already partner on numerous initiatives, particularly in energy security and diversification. He noted Azerbaijan’s expanding collaboration with Masdar on renewable energy projects and additional partnerships with companies such as ADNOC and XRG. The minister stressed that their cooperation extends beyond the energy sector, pointing to the joint Investment Fund established by Azerbaijan and the UAE, which holds $1 billion in capital earmarked for investments not only in both countries but also in Central Asia and the Arab Gulf.

Jabbarov emphasized the importance of personal and governmental ties in fostering these relations, stating, "We are pleased with the existing sincere friendship and warm relations between the two countries." He credited the mutual heritage of their peoples and the support of both heads of state as key factors in shaping these ties and noted that Azerbaijan regularly coordinates with Sultan Ahmed Al Jaber, the UAE’s Minister of Industry and Advanced Technology, and other members of the UAE’s economic leadership.

Additionally, Jabbarov confirmed that Azerbaijan and the UAE had completed negotiations on a Comprehensive Economic Partnership Agreement. He stated, "We are waiting for the right time to sign this agreement," expressing confidence that the document would be ratified by both countries’ legislative bodies and come into force by late 2025 or early 2026.

The minister revealed that several joint projects have already been identified, with some expected to yield results by 2028. He cited the Absheron gas field in the Azerbaijani sector of the Caspian Sea as a key example, projecting that production would reach 5 billion cubic meters per year by the end of 2028. Jabbarov also pointed to opportunities for cooperation in areas such as trade, transport and logistics, artificial intelligence, data centers, real estate, finance, and digital banking.