Azerbaijan expands cooperation with global investment giants GIP and BlackRock

Azerbaijani President Ilham Aliyev received Adebayo Ogunlesi, founder, Chairman and CEO of Global Infrastructure Partners (GIP), on September 25, Report informs.

GIP is part of BlackRock, one of the world's largest asset management companies.

As of June 30, 2026, BlackRock had around $15.3 trillion in assets under management. The company invests in public and private markets, including infrastructure and lending, and operates with clients in more than 100 countries. Global Infrastructure Partners (GIP) has $170 billion in assets under management. Along with BlackRock, Microsoft and MGX, the company is also one of the main founders of the Global AI Infrastructure Investment Partnership.

BlackRock was founded in New York in 1988, and its founder and CEO is Larry Fink.

The company's activities include investment management, exchange-traded funds (ETFs), bonds, equities and alternative investments. It also actively invests in transport and logistics infrastructure, data centers, energy infrastructure and other areas.

Its leading ETF brand is iShares.

BlackRock currently invests in thousands of companies worldwide, holding stakes through passive index funds and active portfolios on behalf of its clients. The largest assets in BlackRock's portfolio include stakes in technology and corporate giants: NVIDIA Corporation - the largest stake in the portfolio, at up to 6.5%; Apple Inc. - up to 5%; and Microsoft Corporation - up to 4.5%. In addition, BlackRock holds stakes in Amazon.com Inc., Alphabet Inc., Broadcom Inc., Micron Technology, Intel, Meta, Tesla, JPMorgan Chase, Eli Lilly and Berkshire Hathaway.

In January 2024, BlackRock announced the acquisition of 100% of Global Infrastructure Partners (GIP), one of the world's largest infrastructure investment managers. The deal was valued at $3 billion in cash and approximately 12 million BlackRock shares. The transaction was completed on October 1, 2024. Since then, GIP has been a direct subsidiary of BlackRock.

GIP currently focuses on investments in transport and energy infrastructure, as well as data centers. In particular, the company holds stakes in Gatwick Airport in London, Edinburgh Airport in Scotland and Sydney Airport in Australia; Pacific National and Italo railways in Australia and Italy, respectively; Peel Ports in the UK and the Port of Melbourne in Australia; data center operator CyrusOne; and energy companies Clearway, Vena, Atlas and Eolian.

Azerbaijan is actively developing cooperation with BlackRock, giving the partnership concrete substance.

President Ilham Aliyev has met with Ogunlesi several times over the past year: in New York in September 2025, in Baku in December, and in Davos in January 2026. The meeting in Davos was also attended by BlackRock CEO Larry Fink.

It was in Davos that the sides outlined the most concrete parameters for further cooperation. A memorandum of understanding was signed between the State Oil Fund of Azerbaijan (SOFAZ), BlackRock and GIP, providing for consideration of investing up to $1.5 billion over three to four years in infrastructure funds managed by GIP and in joint investment opportunities.

The sides separately agreed to explore investment opportunities in infrastructure assets in Azerbaijan, including data centers and infrastructure capable of serving regional demand for cloud technologies and artificial intelligence. Airport infrastructure was also identified as another area of cooperation.

Thus, the focus is no longer solely on the interest of an international investor in Azerbaijan, but on specific projects and instruments for long-term cooperation. At the same time, the partnership between SOFAZ and GIP has already taken on a practical format. In February 2025, SOFAZ invested 34.5 million euros in Italian high-speed rail operator Italo. In October last year, SOFAZ and GIP jointly invested another 50 million pounds in London's Gatwick Airport.

Thus, today's meeting is a logical continuation of the close cooperation already established and also highlights the favorable investment climate created in Azerbaijan.

Another factor increasing BlackRock's interest in deepening cooperation with Azerbaijan is the country's advantageous geographical location and close relations with Central Asia. In November 2025, Azerbaijan became a full participant in the Consultative Meetings of the Heads of State of Central Asia, transforming the previous C5 format into C6. For major infrastructure investors, this expands the potential scale of projects. In this context, Azerbaijan is viewed not only as an individual national market but also as part of a broader region.

BlackRock/GIP plan to pursue active operations in Central Asian countries, primarily Kazakhstan and Uzbekistan. In particular, in May 2026, BlackRock/GIP announced the creation of a $30 billion global infrastructure alliance jointly with Abu Dhabi sovereign fund L'IMAD, state-owned oil company ADNOC and Singaporean fund Temasek. The fund is focused on the Gulf countries and Central Asia. Its main areas of focus are "infrastructure as a service," clean energy, water supply and data centers for artificial intelligence (AI).

In Kazakhstan, BlackRock is focused on financing large-scale modernization of transport and logistics infrastructure. In July 2026, BlackRock executives held official talks with Uzbek President Shavkat Mirziyoyev. The discussions covered investments in petrochemical projects, privatization of state assets and the development of AI-focused data centers. In addition, BlackRock acted as a key cornerstone investor in the initial public offering of the National Investment Fund of Uzbekistan. In Uzbekistan, the company is involved in developing the concept and structure of the Tashkent International Financial Center, which is scheduled to launch in 2027.

As a result, a chain that is beneficial to all participants is taking shape: BlackRock and GIP view the South Caucasus and Central Asia as regions offering new infrastructure and financial opportunities, while Azerbaijan is strengthening its position as a regional connectivity hub and a destination for attracting major investors to the region.