BAKU, Azerbaijan, October 29. A delegation led by the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), Israfil Mammadov, conducted a business visit to Saudi Arabia on October 27-28, focusing on expanding cooperation with global financial institutions, analyzing worldwide economic trends, and assessing new markets, Trend reports.
During the visit, the delegation met with top executives from leading investment and financial organizations, including The Arab Energy Fund, Starwood Capital Group, Gulf Islamic Investments (GII), Investindustrial, Warburg Pincus, LumaGroup, CVC Capital Partners, Franklin Templeton, Brookfield Asset Management (BAM), BTG Pactual, China Investment Corporation (CIC), and FSI (Fondo Strategico Italiano). Discussions focused on expanding joint investment initiatives, participation in new markets, long-term capital management, and improving the efficiency of capital flows in the global economic environment. The delegation also exchanged views on sustainable and responsible investment models and the strategic role of sovereign wealth funds in institutional capital markets.
In addition to the meetings, Mammadov participated in a panel at the international Future Investment Initiative (FII) 2025 in Riyadh on October 28, speaking on "Sovereign Wealth and Institutional Capital in the New Economic Reality."
He underscored the pivotal function of sovereign wealth funds within the international capital ecosystem, accentuating SOFAZ’s methodology towards sustainable governance, robust risk mitigation strategies, and prudent investment practices aimed at fostering enduring value generation.
Mammadov also stressed the Fund’s priority on supporting technological innovation and energy transition within its investment strategy. Other panelists included the President and Chief Executive Officer of The TCW Group, Inc., Katie Koch, Liberty Strategic Capital founder and former U.S. Treasury Secretary Steven T. Mnuchin, China Investment Corporation Executive Vice President Shaoqing Zhang, and geoeconomics editor of The National, Manus Cranny.
Established in 1999 with assets amounting to $271 million at the time, SOFAZ is an extrabudgetary fund that operates as a distinct legal entity, independent of the government or central bank. SOFAZ protects and judiciously administers energy-derived revenues for current and forthcoming generations. A fundamental principle of SOFAZ is transparency. During this era, the Fund has evolved institutionally and attained international recognition as an asset management organization.
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