Bilateral Relations between UAE and Russia

Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan said today that UAE and Russia needed to explore new investment opportunities to further expand their economic, trade and investment relations.

Speaking at the end of the third meeting of the UAE-Russia joint ministerial committee, Sheikh Abdullah said trade exchange between the two trade partners were rising, reaching US$ 1.2 billion in 2011. Minister of Industry and Trade of the Russian Federation Denis Manturov led his country's side to the two-day meeting.

He said that Russia has 450 companies operating in the UAE including joint ventures. UAE investment in Russia were estimated at AED 81 billion (US$ 22 billion) and under-way investment were in the tune of AED 66 billion according to UAE Federation of Chambers of Commerce and Industry.

He added that nine UAE firms were investing in Russia and Russian holidaymakers visiting the UAE numbered 333,660 in 2012. Russian investment in the UAE raised the number of Russians residing in the UAE to 1,212, according to figures of the first half of last year.

Sheikh Abdullah called on Moscow to endorse the agreement for avoidance of double taxation as the move will deliver positive impact on mutual investment. He also urged Russia to allow UAE national air carriers to operate flights to more destinations.

For his part, Minister of Industry and Trade of the Russian Federation Denis Manturov said the meeting had examined means of boosting bilateral relations and cooperation in various fields including nuclear power for peaceful use, renewable energy, and air transport. He praised the UAE as an important partner to Russia in the Middle East region. Later, the two ministers signed minutes of the meeting.