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Kuwaiti businessmen interested in investing in Azerbaijan’s real estate market

Finance Materials 19 November 2018 15:56

Baku, Azerbaijan, Nov. 19

By Taleh Mursagulov - Trend:

Kuwaiti businessmen are interested in investing in the real estate market of Azerbaijan, Yalchin Aliyev, executive director of the Association for Azerbaijan- Arab Countries Cooperation (AACC), told Trend Nov. 19.

He noted that Kuwaiti investors mainly acquire land for the construction of hotels, tourist facilities, adding that they are also interested in the purchase of hotels.

“That is, they are very interested in the tourism sector of Azerbaijan,” said Aliyev. “As for other projects, Kuwaiti investors need to be involved there, and we are working on it.”

In addition, he reminded about the interest of the Bahrain financial company BCGCM in creating an investment fund in Azerbaijan, noting that an agreement on mutual investment protection was not signed between Azerbaijan and Bahrain, which somewhat slows down this process.

“However, this work is gradually progressing,” he said. “I believe that the relevant document will be signed in the coming year and this will allow attracting Bahraini financial companies to Azerbaijan. These companies will be able to lend to small and medium-sized enterprises (SMEs) in Azerbaijan.”

Azerbaijan’s trade with Arab countries amounted to $324.53 million in 2017, while $259.72 million accounted for the export of Azerbaijani goods, according to Azerbaijan’s State Customs Committee.

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