EZULWINI – Azerbaijani businessman Emin Agalarov has pledged E1.65 billion towards manufacturing factories in Eswatini.
The US$100 million commitment follows King Mswati III’s visit to Azerbaijan, where he met prospective investors through engagements facilitated by President Ilham Aliyev.
The King welcomed the pledge during the Royal Theatre Night at the Ezulwini Palazzo International Convention Centre on Saturday, expressing confidence that Agalarov would honour his commitment.
However, His Majesty acknowledged that Eswatini had previously encountered investors who announced major projects but failed to deliver.
He said Agalarov’s business record in Azerbaijan gave him confidence that the latest commitment would materialise.
“From my experience, from what I’ve seen in what he has done in Azerbaijan, I’m very confident,” His Majesty said.
The pledge comes as Eswatini seeks to attract foreign investment to expand manufacturing, create employment and strengthen economic growth.
Agalarov, an Azerbaijani businessman, property developer and recording artist, announced the pledge during a dinner held as part of the Royal Theatre Night.
He said the money would support the development of manufacturing factories in Eswatini.
“I am donating the money towards manufacturing. The money will help develop manufacturing factories. It is my first time in Africa and the first country I have visited is your beautiful Kingdom. It is now my second home. I love the culture of the country and its people,” he said.
The businessman, who the King affectionately nicknamed “Eminem, was visiting Africa for the first time, with Eswatini becoming his first destination on the continent.
His announcement followed engagements between the Eswatini delegation and businesspeople in Azerbaijan several months earlier.
The proposed investment could expand the country’s manufacturing capacity if the pledged funds are committed to projects and the factories are developed.
The King said Agalarov’s commitment was encouraging, particularly because some investors had previously announced projects in Eswatini without implementing them.
His Majesty said he believed Agalarov would deliver, having witnessed the scale of his business operations during the royal visit to Azerbaijan.
The King toured Sea Breeze Resort and Residences, one of Agalarov’s developments along the Caspian Sea coast.
The development includes hotels, residential properties, restaurants, recreational facilities and other infrastructure.
His Majesty said the visit gave him an opportunity to assess Agalarov’s business achievements and the scale of his investments.
He encouraged emaSwati to visit the development to appreciate what the businessman had accomplished.
The King said his experience in Azerbaijan strengthened his belief that Agalarov had the capacity to implement substantial projects.
His confidence comes against the background of previous investment promises that, according to His Majesty, did not translate into developments.
The King traced his relationship with Agalarov to his visit to Azerbaijan, where President Aliyev facilitated meetings between the Eswatini delegation and prospective investors.
His Majesty said the engagements sought to introduce the Kingdom to businesspeople with the resources and experience to invest in its development.
Agalarov was among those who expressed interest in the opportunities presented.
The King welcomed his decision to visit Eswatini and announce a financial commitment following those discussions.
He said the development demonstrated how diplomatic engagements could create opportunities for economic cooperation.
His Majesty also thanked President Aliyev for supporting efforts to strengthen relations between Eswatini and Azerbaijan.
The royal visit in May 2026 included bilateral discussions with the Azerbaijani President on cooperation in energy, mining and other sectors.
The King expressed hope that Agalarov’s commitment would encourage other Azerbaijani businesspeople to explore investment opportunities in Eswatini.
He said the pledge should mark the beginning of further economic cooperation between the two countries.
“This is just the beginning, by the way. We want to see many more people making such a commitment like Emin,” His Majesty said.
His Majesty welcomed Agalarov as one of the first Azerbaijani businesspeople to announce a substantial investment commitment in the Kingdom.
He said attracting investors willing to implement their projects remained important to Eswatini’s economic development.
The Royal Theatre Night also featured performances by local and international artists, including learners from Sifundzani Primary School.
The event provided an opportunity for cultural exchange alongside the investment announcement.
