Abu dhabi: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) placed a significant short-term deposit of 340.34 million manats in the United Arab Emirates-based First Abu Dhabi Bank last year.

According to Azeri-Press News Agency, the amount deposited in First Abu Dhabi Bank marks a substantial investment by SOFAZ in the UAE financial sector. The report highlights that the institution’s deposit in Japan’s Mizuho Bank last year was 20% more than the previous year, totaling 2.04 million manats. This move demonstrates SOFAZ’s strategic financial management and its confidence in international banking partnerships.