UAE is Russia’s key trading partner in the Middle East

During his state visit to the United Arab Emirates, Vladimir Putin had a meeting with representatives of business circles of Russia and the UAE, presidential web page reported.


It is very important to discuss Russian-UAE trade, investment and business cooperation, the President said, noting that “The United Arab Emirates is Russia’s key trading partner in the Persian Gulf region and in the Middle East in general. Last year, trade grew almost 4% and reached $1.7 bln.”

The two countries also succeeded in the investment sphere. “The Mubadala Investment Company was among the first partners of the Russian Direct Investment Fund; over 45 projects worth $2.3 bln in total have already been implemented. The profit from them is significantly higher – sometimes three times as high – than the global standards. Investment is made in petrochemistry, transport and medicine,” he pointed out. “Today we have made new deals; the projects are worth about $1.4 bln, and cooperation encompasses different areas. We are doing and will do everything necessary to help investors, including from the UAE, feel comfortable on our market.”

According to the President, “There are new opportunities in digital technology, telecommunications, logistics, transport, finance, banking and energy. The joint enterprise of Gazprom Neft and Mubadala Petroleum develops oil fields in the Tomsk and Omsk Regions of Russia. LUKOIL is beginning to cooperate with the Abu Dhabi National Oil Company and has joined the oil and gas concession on the UAE shelf.”

He also mentioned bilateral cooperation in developing nuclear power generation, space exploration, producing Russia’s Aurus luxury cars, and in agriculture where Russia can cover the UAE market’s demand for agricultural products and food, such as meat, including halal meat, and grains.

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