Azerbaijan and Abu Dhabi sovereign fund establishing joint investment platform at $1 bln

BAKU. Dec 18 (Interfax) - Azerbaijan Investment Holding, a Baku-based strategic sovereign wealth fund, and ADQ, an Abu Dhabi-based investment and holding company, have agreed to establish a joint investment platform, with the relevant parties having signed the framework agreement on joint investments at the end of last week in Baku.

"ADQ, an Abu Dhabi-based investment and holding company, and Azerbaijan Investment Holding, a strategic sovereign wealth fund located in Baku, have announced the formation of a joint venture with the aim of investing in sectors of mutual priority and interest, such as agriculture, technology, pharmaceuticals and energy infrastructure," ADQ said in a press release.

ADQ and Azerbaijan Investment Holding will each hold a 50% interest in the joint venture, with each party investing $500 million to the platform.

Investments are planned to be primarily concentrated in Azerbaijan, the United Arab Emirates, and Central Asia, with the possibility of expanding to other countries.