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Thursday, March 23, 2023

UAE experts optimistic about investment opportunities, business dynamics in Azerbaijan [INTERVIEW]

UAE experts optimistic about investment opportunities, business dynamics in Azerbaijan [INTERVIEW]


In an exclusive interview with Sabina Mammadli of Azernews, Zain Dhareeja talks about the UAE Golden Visa, new opportunities for UAE investors and businesses, business dynamics in Azerbaijan, and the purpose of his visit to Azerbaijan.

The discussion took place during the “Invest in Dubai” business luncheon organized by the International Office of the Dubai Chamber of Commerce in Azerbaijan and the UAE Embassy in Baku.

Q: Welcome to Baku. Please introduce yourself and the entity you represent to our readers.

A. Nice to be here. My name is Zain Dhareeja and I am the Managing Partner of AG MENA, an integrated services firm based in Dubai. We provide legal services, corporate services and citizenship and residency solutions under one-stop platform.

Q: Could you brief us on the nature and purpose of this visit?

A: The purpose of our visit is to provide opportunities to the local Azerbaijani business community and business people and provide them with a platform and access to various opportunities in the UAE. In particular, one of the main goals of AG MENA is to provide insight into our recently announced United Arab Emirates Golden Visa, through which individuals and their families can gain ten-year residency in the UAE.

Q: Please share your expectations for the Invest in Dubai business luncheon.

A: We see this as a key platform where we can help facilitate trade and investment opportunities between Azerbaijan and the UAE. We are very grateful to Dubai International Chamber of Commerce and Azerbaijan International Office for providing us with a platform.

Q: This is your first time in Baku. What is your impression of this city?

A. Baku is full of energy. I am somewhat familiar with the city as it hosts international events such as Formula One. The work done by the Azerbaijani government in terms of public investment, infrastructure investment and the local economy is very commendable. So, I believe there are many opportunities for UAE businesses and investors to come here and vice versa.

Q: Dubai has successfully diversified away from oil revenues towards trade, logistics, tourism, real estate and financial services. How do international investors benefit from this diversification?

A: Diversification removes many restrictions on business ownership, immigration to the UAE, and foreign ownership of businesses in the country. This essentially means that foreign investors and individuals can now easily do business, with the UAE being the provider of a strategic hub between East and West. Now, we see that many foreign businesses can easily enter the regional market in the UAE and have access to a larger customer base in the region due to the diversification of the country from an oil economy to one based on logistics, retail, etc.

Q: What’s your take on Baku’s business dynamism?

A: Individuals and entrepreneurs in this area seem to have a very strong interest in doing business in the UAE, as mentioned, and vice versa. We see a lot of companies from the UAE and the Middle East, and in general, think the region has great potential. Especially the number of tourists from the UAE is increasing, and I believe this number will continue to rise.

Q: You are visiting Baku in cooperation with the Dubai Chamber of Commerce. How does Dubai International Chamber of Commerce support your company’s international business development?

A: The Dubai Chamber of Commerce plays a key role in facilitating trade and investment opportunities between different economies and specific businesses like ours. The Dubai International Chamber, one of the chambers under the Dubai Chamber, plays a vital role in facilitating trade and uses its global network and influence to promote Dubai’s status as a global business center and support local Businesses expand overseas.

We would not be aware of the opportunities in Azerbaijan if the offices of the Dubai International Chamber of Commerce were not here. We look forward to long-term cooperation with them and hope to further promote investment and trade opportunities between the two countries.

Q: What advice do you have for Azerbaijani businessmen considering doing business in Dubai?

A: I highly recommend them to start and expand their business in UAE, especially because it is convenient to do business there. The United Arab Emirates has a Doing Business score of 80.9 out of 100. Setting up a business there and obtaining residency is very simple and can all be done within two weeks. I don’t think it will be easier anywhere else. Of course, the UAE has 100% foreign ownership. The environment here is very stable, there is zero crime, and the quality of life is very high.

Sabina Mammadli is a staff reporter for AzerNews, follow her on Twitter: @SabinaMmdl

Follow us on Twitter @AzerNewsAz

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