Editing Baku (section)

== Economy ==
{{Main|Economy of Baku}}
[[File:Heydər Əliyev prospekti 2022-ci ildə.jpg|thumb|Heydar Aliyev Avenue, home to the headquarters of multiple [[Public company|publicly]] owned companies and enterprises in Azerbaijan. Along with the [[Bay of Baku]], it hosts the majority of the country's [[List of tallest buildings in Azerbaijan|skyscrapers]]]]
[[File:Iss069e091732.jpg|left|thumb|236x236px|Satellite image of Baku at night]]
Baku is the economic hub of Azerbaijan, hosting many of the [[List of companies of Azerbaijan|country's major companies]] and serving as the center for key industries such as oil and gas, finance, trade, and technology. The city is home to major financial institutions, multinational corporations, and various businesses that contribute to the country's economy. Baku accounts for approximately 65% of Azerbaijan's total [[Gross domestic product|GDP]].<ref>{{Cite web |title=BTI 2024 Azerbaijan Country Report |url=https://bti-project.org/en/reports/country-report/AZE |access-date=2025-01-30 |website=BTI 2024 |language=en}}</ref> Azerbaijani [[Conglomerate (company)|conglomerates]] such as [[PASHA Holding]] which is headquartered in Baku, and [[AF Holding]], operate in the city. Baku also attracts a significant portion of the country's [[workforce]], with many people relocating for job opportunities and business prospects. As of the end of the first quarter of 2023, 52% of hired workers in Azerbaijan were employed in Baku.<ref>{{Cite web |last=Mehralızadə |first=Farid Mehralizadeh Fərid |date=2023-09-18 |title=Internal Migration in Azerbaijan: Causes, Consequences and Main Trends |url=https://bakuresearchinstitute.org/en/internal-migration-in-azerbaijan-causes-consequences-and-main-trends/ |access-date=2025-01-30 |website=Baku Research Institute |language=en-US}}</ref> In addition to its role as the economic hub, Baku is home to the largest port in the [[Caspian Sea|Caspian]] [[Caspian Sea|Sea]], the [[Port of Baku|Baku International Sea Trade Port]], more commonly known as Port of Baku.<ref>{{Cite web |title=Bakı Limanı |url=https://portofbaku.com/en/page/bizim-liman/tarix |access-date=2025-01-30 |website=portofbaku.com}}</ref> It handles a wide range of [[cargo]], including [[container]]s, [[Bulk cargo|bulk goods]], and liquid cargo, with an annual capacity of 15 million tons of cargo. The port also plays an essential role in the [[Trans-Caspian International Transport Route]], facilitating trade between [[East Asia]], [[Central Asia]], [[Europe]], and the [[Caucasus]] through integrated sea, rail, and road transport.<ref>{{Cite web |title=Bakı Limanı |url=https://portofbaku.com/en/page/bizim-liman/liman-haqqinda |access-date=2025-01-30 |website=portofbaku.com}}</ref><ref>{{Cite web |title=Trans-Caspian International Transport Route Sets New Record in 2024 |url=https://caspiannews.com/news-detail/trans-caspian-international-transport-route-sets-new-record-in-2024-2024-12-18-27/ |access-date=2025-01-30 |website=caspiannews.com |language=en}}</ref>
[[File:Port Baku Towers.jpg|left|thumb|[[Port Baku Towers]], high-rise office buildings located on [[Neftchilar Avenue|Neftchiler Avenue]]]]
Baku's largest industry is petroleum, and its petroleum exports make it a large contributor to Azerbaijan's [[balance of payments]]. The existence of petroleum has been known since the 8th century. In the 10th century, the Arabian traveler, Marudee, reported that both white and black oil were being extracted naturally from Baku.<ref>{{Cite web |title=The History of Oil in Azerbaijan by Natig Aliyev |url=http://www.azer.com/aiweb/categories/magazine/22_folder/22_articles/22_historyofoil.html |url-status=live |archive-url=https://web.archive.org/web/20090424163308/http://www.azer.com/aiweb/categories/magazine/22_folder/22_articles/22_historyofoil.html |archive-date=24 April 2009 |access-date=22 May 2009 |publisher=Azer.com}}</ref> By the 15th century, oil for lamps was obtained from hand-dug surface wells. Commercial exploitation began in 1872, and by the beginning of the 20th century the [[Petroleum industry in Azerbaijan|Baku oil fields]] were the largest in the world. Towards the end of the 20th century, much of the onshore petroleum had been exhausted, and drilling had extended into the sea offshore. By the end of the 19th century [[skilled worker]]s and specialists flocked to Baku. By 1900 the city had more than 3,000 oil wells, of which 2,000 were producing oil at industrial levels. Baku ranked as one of the largest centres for the production of [[Petroleum industry|oil industry]] equipment before World War II. The World War II [[Battle of Stalingrad]] was fought to determine who would have control of Baku oil fields. Fifty years before the battle, Baku produced half of the world's oil supply.<ref>{{Cite news |last=Aghazade |first=Emil |date=4 July 2005 |title=Азербайджан: сто лет надежд |publisher=BBC News |url=http://news.bbc.co.uk/hi/russian/business/newsid_4649000/4649873.stm |url-status=live |access-date=12 May 2011 |archive-url=https://web.archive.org/web/20120406161830/http://news.bbc.co.uk/hi/russian/business/newsid_4649000/4649873.stm |archive-date=6 April 2012}}</ref>[[File:Panorama of Baku 2022.jpg|thumb|[[The Crescent Development project]]]]

The oil economy of Baku is undergoing a resurgence, with the development of the massive [[Azeri–Chirag–Guneshli|Azeri-Chirag-Guneshli]] field (Shallow water Gunashli by [[State Oil Company of Azerbaijan Republic|SOCAR]], deeper areas by a consortium led by [[BP]]), development of the [[Shah Deniz gas field]], the expansion of the [[Sangachal Terminal]] and the construction of the [[Baku–Tbilisi–Ceyhan pipeline|BTC Pipeline]]. The [[South Caucasus Pipeline]] (SCP), also known as the Baku-Tbilisi-Erzurum Pipeline, transports natural gas from Azerbaijan's [[Shah Deniz gas field]] to Turkey, with further connections to Europe. Spanning over 690 kilometers, the pipeline has been operational since 2007 and plays a central role in the [[Southern Gas Corridor]], which aims to diversify Europe's energy sources with an annual export capacity of up to 25 billion cubic metres of gas.<ref>{{Cite web |title=South Caucasus Pipeline Project |url=https://www.bp.com/en_ge/georgia/home/who-we-are/scp.html }}</ref>

The [[Baku Stock Exchange]] is Azerbaijan's largest [[stock exchange]], and largest in the [[Caucasus|Caucasian]] region by [[market capitalization]]. A relatively large number of transnational companies are headquartered in Baku. One of the more prominent institutions headquartered in Baku is the [[International Bank of Azerbaijan]], which employs over 1,000 people. International banks with branches in Baku include [[HSBC]], [[Société Générale]] and [[Credit Suisse]].<ref>{{Cite web |last=Abdullayev |first=Rovshan |title=Which foreign banks has Azerbaijan capital been trusted in? |url=http://www.nhmt-az.org/ts_general/eng/news/n-6.htm |archive-url=https://web.archive.org/web/20110518140408/http://www.nhmt-az.org/ts_general/eng/news/n-6.htm |archive-date=18 May 2011 |access-date=6 December 2010}}</ref>

=== Tourism and shopping ===
[[File:Baku 15 10 08 466000.jpeg|left|thumb|Deniz Mall, one of the largest shopping centers in Baku and [[South Caucasus|South Cacuasus]]]]
[[File:New Baku Flagpole Sept 2024.jpg|thumb|227x227px|[[National Flag Square]] of Baku is home to the largest flag ever raised, towering over the skyline of the capital city]]
{{Multiple image
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| caption1          = Crescent Mall, part of the [[The Crescent Development project|Crescent Development project]]
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Baku is one of the most important tourist destinations in the Caucasus, with hotels in the city earning 7&nbsp;million euros in 2009.<ref>{{Cite web |title=Hotels in Baku earned 6,8&nbsp;million euros last year |url=http://azerbaijan24.com/component/content/article/1-latest-news/224-hotels-in-baku.html |archive-url=https://web.archive.org/web/20100917135847/http://azerbaijan24.com/component/content/article/1-latest-news/224-hotels-in-baku.html |archive-date=17 September 2010 |access-date=17 April 2010 |publisher=Azerbaijan24.com}}</ref> Many sizable world [[hotel chain]]s have a presence in the city. Baku has many popular [[List of tourist attractions in Baku|tourist and entertainment spots]], such as the downtown [[Fountains Square, Baku|Fountains Square]], the One and Thousand Nights Beach, [[Shikhov Beach]] and [[Oil Rocks]]. Baku's vicinities feature [[Yanar Dag]], an ever-blazing spot of natural gas. On 2 September 2010 with the inauguration of [[National Flag Square]], Baku set the [[Guinness Book of Records|world record]] for tallest [[flagpole]];<ref>{{Cite web |title=Azerbaijani flag flies on world's tallest flagpole |url=http://news.az/articles/22041 |archive-url=https://web.archive.org/web/20100904092905/http://www.news.az/articles/22041 |archive-date=4 September 2010 |access-date=2 September 2010 |publisher=news.az}}</ref><ref>{{Cite web |title=İşte dünyanın en yüksek bayrak direği |url=http://www.ntvmsnbc.com/id/25128411/ |archive-url=https://archive.today/20100904080023/http://www.ntvmsnbc.com/id/25128411/ |archive-date=4 September 2010 |access-date=2 September 2010 |publisher=ntvmsnbc.com |language=tr}}</ref> on 24 May 2011, the city of [[Dushanbe]] in [[Tajikistan]] set a new record with a {{convert|3|m|abbr=off}}-higher flagpole.<ref>{{Cite web |title=Guinness World Records |url=http://www.guinnessworldrecords.com/records-1/tallest-unsupported-flagpole |url-status=live |archive-url=https://web.archive.org/web/20140227105920/http://www.guinnessworldrecords.com/records-1/tallest-unsupported-flagpole/ |archive-date=27 February 2014 |access-date=6 June 2014 |website=guinnessworldrecords.com}}</ref> A few years later, the Flag Pole was dismantled and the National Flag Square was closed off with fences. It was opened once again after years of repair on November 8, 2024, to commemorate the [[Victory Day (Azerbaijan)|Victory Day]] over Armenia's forces in [[Nagorno-Karabakh]] region of Azerbaijan. The National Flag Square features a museum, with a collection of about 400 items, along with flags of Khanates and Empires that have been prevalent in the region.<ref>{{Cite web |title=Ilham Aliyev visited National Flag Square in Baku to raise Azerbaijan's tricolor flag » Official web-site of President of Azerbaijan Republic |url=https://president.az/en/articles/view/67249 |access-date=2025-01-29 |website=president.az |language=en}}</ref>
[[File:Opening of Crescent Mall 01.jpg|left|thumb|Back area of the Crescent Mall]]
Baku has several shopping malls, including Ganjlik Mall, Deniz Mall, Crescent Mall, Port Baku Mall, 28 Mall, [[Park Bulvar]], City Park and Metro Park. The retail areas contain shops from chain stores up to high-end boutiques. Ganjlik Mall particularly stands out, as it is the largest mall in the city of Baku.<ref>{{Cite web |last=Mwenda |first=Kenneth |date=2014-10-12 |title=Ganjlik Mall is the largest shopping centre in Azerbaijan |url=https://constructionreviewonline.com/2014/10/bakus-largest-cutting-edge-shopping-mall |access-date=2025-01-29 |website=Constructionreview |language=en-US}}</ref> Crescent Mall is the newest shopping center in Baku, opening on May 28, 2024. It adds to the city's growing collection of malls, bringing a variety of stores, restaurants, and entertainment options to the area.<ref>{{Cite web |title=The official opening ceremony of the Crescent Mall has taken place! |url=https://www.pashamalls.az/news/crescent-mall-opening-ceremony |access-date=2025-01-29 |website=www.pashamalls.az |language=en}}</ref>
[[File:Tağıyev qardaşlarının evi.jpg|thumb|228x228px|[[Nizami Street]] is considered to be one of the most popular tourist attractions in Baku]]
The city is listed 48th in the 2011 [[List of most expensive cities for expatriate employees|list]] of the most expensive cities in the world conducted by the [[Mercer Human Resource Consulting]].<ref>{{Cite news |date=13 July 2011 |title=Bakı dünyanın ən bahalı 48-ci şəhəridir, 13 July 2011, Azadlıq Radiosu. Retrieved 13 July 2011 |newspaper=Azadlıq Radiosu |url=http://www.azadliq.org/content/article/24264196.html |url-status=live |archive-url=https://web.archive.org/web/20110928223823/http://www.azadliq.org/content/article/24264196.html |archive-date=28 September 2011 |access-date=17 December 2011 |publisher=Azadliq.org}}</ref> [[Nizami Street]], also known as Targovaya, and the [[Neftchilar Avenue]], a street known for being home to many luxury and high fashion shops such as [[Gucci]], [[Dolce & Gabbana]], [[Tom Ford]], [[Burberry]], [[Celine (brand)|Celine]], are among the most expensive streets in the world.<ref>{{Cite web |title=Print Preview |url=https://press.fourseasons.com/content/fourseasons_pressroom/printView.html?pageToPrint=/content/fourseasons_pressroom/en/trending_now/baku/baku_shopping_guide&utm_source=chatgpt.com |access-date=2025-01-30 |website=press.fourseasons.com}}</ref> Monthly expenses for a single person in Baku are estimated to be around 945 manat without rent (US$555), which is significantly lower in comparison to other countries.<ref>{{Cite web |title=Cost of Living in Baku |url=https://www.numbeo.com/cost-of-living/in/Baku |access-date=2025-01-30 |website=www.numbeo.com |language=en-US}}</ref> For example, average cost of living for a person in [[Los Angeles]], [[California]], is about US$1308,<ref>{{Cite web |title=Cost of Living in Los Angeles |url=https://www.numbeo.com/cost-of-living/in/Los-Angeles |access-date=2025-01-30 |website=www.numbeo.com |language=en-US}}</ref> while in [[Seoul]], [[South Korea]], its US$1074.<ref>{{Cite web |title=Cost of Living in Seoul |url=https://www.numbeo.com/cost-of-living/in/Seoul |access-date=2025-01-30 |website=www.numbeo.com |language=en-US}}</ref> Living costs in Baku per person are below average when comparing to other developed countries, however, average reported salary of a Bakuvian sits at 997 manat, or about US$586.<ref>{{Cite web |title=Average salary in Baku up by 7.2% |url=https://xalqqazeti.az/en/iqtisadiyyat/200738-average-salary-in-baku-up-by-72 |access-date=2025-01-30 |website=Xalqqazeti.az |language=en}}</ref>