Most Summer Tourists Visited Shahdag from Arab Countries
In the summer, most tourists in the Shahdag tourism center were from Arab countries. On September 27 Shahdag announced the summer season closed.
The center reported that for the season the center received 30,000 tourists, more than 50% of whom were foreigners.
More than 80% of the foreigners were tourists from Arab countries such as the United Arab Emirates, Saudi Arabia, Iraq, Qatar, Oman, Kuwait, and Bahrain.
Note that as a result of simplification of visa procedures for the Gulf States, the number of Arab tourists in Azerbaijan has increased. There were 25,000 tourists from the Gulf countries, including 11,028 people from Iraq and 10,086 from the United Arab Emirates. -----71D
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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