Recently, there are around four companies of Saudi Arabia operating in various fields in Azerbaijan. In 2015, according to a joint agreement "Memorandum of understanding", it was aimed to carry out a long-term project in the Kingdom energy field between the State Oil Company of the Azerbaijan Republic and the Saudi company “Soroof International”. The regularly held business forms between these countries help them to analyze the economic capabilities of each other and to build their economic activities on that basis. The 2nd Azerbaijan-Saudi Arabian Business Forum (was held at the Heydar Aliyev Center on May 15, with the support of the Ministry of Economy and Industry and the
Azerbaijan Export and Investment Promotion Foundation (AZPROMO)) is exactly one those forms that brought together more than 300 businessmen from both countries that investigated their relative capabilities in agriculture, industry, construction, finance, ICT, logistics, tourism, consulting, petrochemicals and healthcare. Furthermore, in accordance with Article VII of the "General Agreement on Cooperation in the Field of Economic, Trade, Investment, Technical, Cultural, Sports and Youth between the Government of the Republic of Azerbaijan and the Government of the Kingdom of Saudi Arabia" signed on July 10, 1994, in Jeddah, there have been held several meetings of Azerbaijan-Saudi Arabia Joint Commission on Cooperation (for instance, in Riyadh on February 14–15, 2004 (2nd meeting) and in Baku on March 3, 2019 (5th meeting). In general, there are 14 agreements between Azerbaijan and Saudi Arabia for developing the existing economic relations further. It is estimated that there will be additional 8 new agreements in the fields of political, economic and cultural. Saudi Arabian companies have US$370 million investment in Azerbaijan and currently, there are about 26 Saudi Arabia companies for carrying out transactions between the two nations. Also, the Saudi Development Fund actively participated in the construction of local infrastructure including channel and road, schools, construction water supply, and sewerage systems, etc. At the beginning of 2019, Agency for the Development of Small and Medium-Sized Enterprises (SMEs) under the Ministry of Economy of Azerbaijan and Saudi Arabian General Investment Authority (SAGIA) signed an agreement that aimed to find further opportunities for investment. According to the statistics of the State Customs Committee of Azerbaijan (2018), the total transactions between the mentioned nations was worth to 30.9 million AZN. Azerbaijani side in these transactions mostly had a current account deficit as approximately 24.3 million out of total trade turnover was made due to the imports of Azerbaijan. Moreover, investing in the energy sector of Azerbaijan together with agriculture, tourism, transport is a priority for Saudi Arabia. == Alliance against Iran ==