BAKU, Azerbaijan, December 16. Azerbaijan Investment Holding (AIH) and ADQ, an investment and holding company based in Abu Dhabi (UAE), have announced the formation of a joint venture to invest in sectors of mutual priority and interest, such as agriculture, technology, pharmaceuticals, and energy infrastructure, TurkicWorld reports.

The platform, according to ADQ, will explore and leverage investment opportunities with the purpose of earning long-term financial returns on capital deployed. Investments will be focused largely on Azerbaijan, the United Arab Emirates, and Central Asia, with the possibility to grow to additional nations.

ADQ and AIH will each own 50 percent of the joint venture, with each committing USD 500 million to the platform.

During the signing ceremony, Azerbaijan's Minister of Economy and AIH Supervisory Board member Mikayil Jabbarov stated that the partnership reflects the importance of the two countries' economic, political, and commercial ties.

"The new fund will serve as an instrument of implementation of joint projects aimed at long-term development of both respective countries and the wider region," he said.

In turn, ADQ's Managing Director and CEO, Mohamed Hassan Alsuwaidi, said the establishment of this joint investment platform not only strengthens the bilateral ties between our two countries but also underscores ADQ’s commitment to fostering meaningful partnerships in strategic markets that align with our investment priorities.

Since 1992, the UAE and the Republic of Azerbaijan have maintained robust economic relations, marked by a more than threefold increase in the value of their non-oil trade over the past five years. The two countries continue to explore areas of mutual interest.

A Joint Investment Framework Agreement was signed between Azerbaijan Investment Holding and Abu Dhabi Development Holding Company on December 15, 2023.