Abu Dhabi Chamber Discusses Commercial and Investment Cooperation with Russia

His Excellency Khalfan Saeed Al Kaabi, 1st Deputy Chairman of the Abu Dhabi Chamber of Commerce and Industry, received a delegation from the Arab-Russian Business Council headed by His Excellency Stanislav Yankovets, Director General of the Russian-Arab Business Council, and held with him an extended discussion meeting.

The meeting witnessed the attendance of His Excellency Mohammed Helal Al Muhairi, Director General of the Abu Dhabi Chamber; and His Excellency Helal Mohammed Al Hameli, Deputy Director General of the Chamber, in addition to a number of directors and managers of companies operation in the Emirate of Abu Dhabi.

In a speech he delivered at the beginning of the meeting, HE Al Kaabi said that the economic and technical relations between the UAE and the Russian Federation witnessed positive development over the past few years, noting that the visits of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Russia pushed such relations forward which helped in expanding economic partnerships, increasing and diversifying investment opportunities, and exchanging experiments and expertise in vital sectors. He clarified that statistics showed that the number of Russian companies operating in the UAE is constantly increasing. “Besides, there is a strong approach by Emirati companies to invest in the Russian Federation,” he said.

The number of Emirati companies operating in Russia reached nine companies including Mubadala Development Company, Abu Dhabi Investment Company, Dubai Group, Waha Capital, Dubai Real Estate Development Company, Emirates Telecommunications Corporation (Etisalat), Emirates Glass Company, Arabtec Construction Company and Damac Holdings. Having such companies operating in Russia is a huge development in the relations between the UAE and Russia. There is also a huge increase in the number of weekly flights between the UAE and Russia which exceeds 60 flights weekly.

The Deputy Chairman said that “by looking into the natural and economic capabilities of the two friendly countries, we but hope that such a visit would help in increasing the volume of trade exchange between the two sides to levels that reflect such capabilities and the sincere desire of the two sides to expand cooperation and establish economic and strategic partnerships that would benefit businessmen and companies in the UAE and Russia.”

Al Kaabi expressed the readiness of the Chamber in providing all forms of support to Russian investors and businessmen who have the desire to invest in Abu Dhabi and take advantage of the huge investment opportunities in the emirate. He said that the Abu Dhabi Chamber will direct Russian businessmen towards the opportunities which suit the volume of their investments and that it will provide them with consultancies and facilities to help them make the right decisions and to help them grow and expand. He emphasized that Russia could be a strategic partner for the Emirate of Abu Dhabi and the UAE on all economic, industrial and technological levels by transferring Russian technologies and expertise to the emirate especially in the fields of aviation, space, telecommunications, petrochemicals and energy, which are the sectors that are envisioned by Abu Dhabi Economic Vision 2030.

For his part, head of the delegation Stanislav Yankovets called on businessmen and investors in the Emirate of Abu Dhabi to increase their investments in the Russian markets and to boost their transactions and cooperation with Russian companies, especially in a number of vital sectors that serve the economy of the two friendly countries.