According to him, that diversification has been a priority for Azerbaijan under the president Ilham Aliyev, who has used the oil wealth of the Caspian shores to invest in infrastructure and other non-oil capital expenditure. Baku has emerged as one of the most dynamic cities in the region – the “Dubai of the Caspian”, as it is sometimes called.
"The UAE was one of the first countries to recognize Azerbaijan 24 years ago, and there has been a permanent intergovernmental commission between the two countries since 2006 to promote trade and economic ties. But this year there has been a new flurry of business and commercial activity, including a round of agreements clinched during an official visit by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai", Mr.Ismayilzadeh stated.
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