Azerbaijan agrees multi-billion-dollar deals with investment giants

Azerbaijan put billions of dollars of prospective investment at the heart of its economic pitch as the second Azerbaijan International Investment Forum (AIIF) entered its final day in the capital, Baku, this week. ADVERTISEMENT ADVERTISEMENT Azerbaijan’s Minister of Economy Mikayil Jabbarov confirmed to Euronews that almost $11 billion (€9.7 billion) worth of business was agreed over the course of the two-day event. “The confirmed amount that we can say today is $10.8 billion. Of 26 contracts that have been executed in various fields ranging from AI to energy, from manufacturing to production,” Jabbarov said, adding that the new opportunities could come from abroad. “We tend to look at opportunities not only within our geographical borders but also through partnerships,” he said. “And that explains the growing visibility of Azerbaijani companies, both state-owned and private, at nearby markets, but also at markets which are geographically far from us, like the United States, like Italy, but with whom we are closely connected economically.” Securing the funds According to information provided at this year's forum, the focus is firmly on whether or not Azerbaijan can convert growing international interest into an increasingly diverse range of industries. The new investment figure comes after more than $10 billion (roughly €8.8 billion) in investment agreements were signed at the inaugural forum in 2025, more than $7 billion (around €6.2 billion) of which related to the non-oil sector. At the 2026 event, companies represented across AIIF and the Azerbaijan Infrastructure Investment Dialogue managed a combined $30 trillion (approximately €26.4 trillion) in assets, according to Azerbaijan’s presidential administration. Among them were BlackRock, Global Infrastructure Partners, and Brookfield Asset Management – some of the biggest names in investment. The breadth of the agreements reflects a bigger economic challenge for Azerbaijan: attracting international capital beyond the oil and gas industry that has driven much of the country’s economic development. In an address to the forum, President Ilham Aliyev said the non-oil sector accounted for 72% of GDP in 2025, while real non-oil GDP growth had averaged 5% annually since 2020. He said Azerbaijan’s investment strategy went beyond simply attracting capital, highlighting manufacturing, transport and logistics, renewable energy, digital technologies, agriculture, tourism and infrastructure among areas offering investment opportunities. But the president reiterated that energy investments still dominated. "The contracts which actually led to the development in oil and gas sector signed 30 years ago still are absolutely untouched – not a single word was changed – and that was one of the factors to attract investors,” he told the audience during a closed-door session at the AIIF on Saturday. “So already we have a very credible portfolio of being a very responsible partner,” he added. Investors look to infrastructure The investment push moves into a different league with the Azerbaijan Infrastructure Investment Dialogue, which was a closed-door event hosted by Azerbaijan’s sovereign wealth fund SOFAZ and BlackRock. BlackRock manages $15.3 trillion (approximately €13.5 trillion) in assets, according to BlackRock’s official report in July this year, while GIP — which has operated within BlackRock since 2024 — manages around $170 billion (approximately €149.6 billion). According to the Central Bank of Azerbaijan, over $3 billion is the total volume of foreign direct investments (FDI) attracted to the economy in the first six months of 2026, marking a 13.8% year-on-year increase. It also states that the leading countries investing in Azerbaijan are the United Kingdom, Türkiye, Cyprus, Russia, and Iran. The figure quoted for Azerbaijan actively exporting capital into foreign economies during the same period is over $5 billion (over €4 billion), with primary destinations being Italy, Türkiye, the UK, the UAE, and Georgia. Secret to investment success There are a number of prominent business players in Azerbaijan’s circles that have built profiles which are clearly helping to elevate the country. Founder & Chairman of the Board of Sabah Investment Group, a diversified investment holding group with interests in multiple industries across the globe, told Euronews that the efforts made with marketing have made a key difference. Orkhan Mustafayev said the country is slowly seeing those rewards coming through, with projects like Sea Breeze dominating the headlines. “From year to year, the sales... for overseas buyers, clients are increasing by 20%.” “Currently, the entire portfolio of sales from, if before it was 95% local, now it's 70% local 30% international”, he added. He believes partnerships between the private sector and government are working well, as are road shows and presentations around the world. He said people with low-ticket investments were “already gaining profit up to 40, 50%.” So, what is the secret of Azerbaijan's success with its investment profile? Neuberger Berman’s CEO, George Walker, puts it down to a number of reasons, one being that its “going through remarkable positive progression.” He told Euronews that he thinks “it's just continued progress. It's greater dialogue. It's more investment. It's continued progress that country is also an increasingly important country in the world.” “Azerbaijan is increasingly sort of the new Switzerland in certain respects, and so globally is becoming more and more respected as a key partner for us all. Terrific,” he added. Among the projects seeking to demonstrate that potential is Sea Breeze, a large-scale development on the Caspian coast. Emin Agalarov is one of those key business figures - and arguably one of the most famous people in Azerbaijan with a following of 3.2 million followers of Instagram, 2.17 million on YouTube and nearly 1 million on TikTok. The singer-turned-business magnate is the founder and owner of one of the country's most prominent projects and according to him, he’s on a mission to make tourism in Azerbaijan even more attractive. He believes that collaboration is key and admits that it’s not just him building. "There's another 20 companies from Israel, from UIE, and from the rest of the world that are implementing their vision and their projects within our master plan,” he said. “So, when you're not alone, there's speed. There's expertise and there's results," he added. Tourism, hospitality, property and urban development are also being pitched as areas capable of attracting international capital, with a dedicated AIIF session bringing together developers, tourism officials and investors. Florian Sengstschmid, CEO of the Azerbaijan Tourism Board, backs Emin’s ambitions and shed light on the government’s new state programme on tourism development. “This state programme looks at the two sides of the equation. It's about creating demand and also supporting supply," he said. “And we see that Baku has really positioned itself globally as one of the big international meeting hubs in the region and beyond the region,” he continued. “And this is great to see”, he told Euronews, adding that “this is an opportunity for tourism which we shall convert into future business.” Presenting investment opportunities to the world Baku is no longer pitching the country simply as an energy producer. It is presenting Azerbaijan as both an investment destination and a strategic platform connecting Central Asia, the South Caucasus, Türkiye and European markets. Brookfield Asset Management, another major investor represented in Baku, which manages more than $1 trillion (approximately €880 billion) is also keen on developing the partnership. Jad Ellawn, managing partner and regional head of the Middle East, told Euronews why. “To put it in summary, a good governance is the best type of marketing and that's what we've seen out of Azerbaijan and you see that starting all the way from the top through all of the institutions that we work with,” he said. “That is what has attracted so many people and that is why the marketing has been very effective," he went on. With so much on offer and marketing to match, it is the substance behind the vision that has proven that Azerbaijan is a safe and potentially lucrative investment. Transport corridors, ports, rail, renewable energy, data infrastructure, tourism and industrial production fall into the same investment story. The question after AIIF will be whether the funding discussed in Baku will come to fruition. But with billions in prospective agreements, some of the world’s largest investment managers in the room and infrastructure increasingly dominating the conversation, Azerbaijan is making clear the scale of its ambitions.