Dubai Chamber consolidates bilateral ties with Azerbaijani bankers

In its endeavour to promote Dubai’s investment opportunities to global companies and to enhance UAE–Azerbaijan bilateral banking ties, Dubai Chamber of Commerce and Industry organised a three-day Azerbaijan Bankers Trade Mission to Dubai from September 16 to 18. 

The trade mission, led by Mr. Farid Akhundov, CEO, Pasha Bank, consisted of 10 leading Azerbaijani bankers, and senior representatives from the Central Bank of Azerbaijan, Baku Stock Exchange, and Azerbaijan Banking Association who attended a CEO Roundtable discussion on the banking sector and site visits to important financial institutions and economic entities. The discussion session was also attended by H.E. Elkhan Gahraman, Ambassador of Azerbaijan to the UAE. 

Dubai Chamber organised the trade mission in coordination with its Azerbaijan representative office in Baku which is the first overseas office set up as part of the Chamber’s efforts to explore promising markets of the world and to enhance the competitiveness of Dubai businesses in the global business arena. 

In his welcome address during the CEO Roundtable entitled Expanding bilateral banking ties between Dubai and Azerbaijan, H.E. Hisham Al Shirawi, 2^nd Vice-Chairman, Dubai Chamber, stated that this latest visit by the Azeri banking and financial sector delegation will further enhance and strengthen the bilateral ties enjoyed by the two sides. 

‘‘This will also lead to exchange of experiences and knowledge of the emirate’s world-class financial services sector which is one of the leading drivers of Dubai's economic growth,’’ said H.E. Al Shirawi. 

He added that Dubai today is a leading financial hub in the region due to its well-developed logistics and infrastructure network, business-friendly laws, and ample investment opportunities for the multicultural world business community to thrive in the emirate which is a getaway to the regional markets. 

H.E. Al Shirawi called upon Azeri representatives of leading banks and financial institutions to set up base in Dubai and to benefit from the attractive investment opportunities in the emirate’s lucrative economic sectors including trade, tourism, logistics and financial services as well as real estate, while assuring them of all the assistance from the Chamber's representative office in the Azerbaijani capital Baku. 

On his part, Mr. Farid Akhundov, CEO of Pasha Bank, gave a presentation on the growth of the banking sector of Azerbaijan and the investment opportunities the sector offers to overseas investors. He lauded the UAE, especially Dubai’s successful model of a market-driven economy which he said will help Azerbaijan’s financial sector to follow and become a world-class financial centre.

Mr. Rajai Ayyash, Vice Chairman, Bankers Business Group operating under the umbrella of Dubai Chamber, informed that the UAE is a safe haven for foreign investors as the country’s banks are in a strong position to withstand external shocks. They are well-capitalised and ready to enter Central Asian markets and compete with their overseas counterparts. 

The trade mission came as part of Dubai Chamber’s efforts to attract 100 prominent global companies to Dubai under the Pro-Dubai initiative which is the Chamber’s new strategy to promote and spread awareness about the benefits of investing in the emirate while highlighting its open market and business-friendly policies and legislation, and the opportunity to work side by side with the world’s leading companies. 

The Azeri delegation, during their visit to the Dubai International Financial Centre (DIFC) and the Dubai Financial Market (DFM), had meetings with their top officials and discussed ways to strengthen their cooperation ties in the sector.