Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE-Russia relations have been growing: Al Mansouri  Join our daily free Newsletter

MENAFN - Khaleej Times - 23/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Moscow can benefit from uae?s advantages of an open economy

the uae-russia relations in general have been growing from strength to strength in recent years driven by the desire of the leadership in both countries to improve synergies and increase trade exchange uae minister of economy sultan bin saeed al mansouri has affirmed.

“the growing relationship between the two countries was cemented by the visit of general shaikh mohammed bin zayed al nahyan crown prince of abu dhabi and deputy supreme commander of the uae armed forces to moscow in september 2013” al mansouri said in interview for itar tass.

“economic ties are usually a reflection of political ties and indicate the level of friendship and trust between any two countries. numbers give us an indication of how far economic relations between the uae and russia have grown. the total volume of trade in 2012 stood at 1.5 billion.

“non-oil trade between the two counties soared by 7.5 per cent in 2013 and registered 897 million. in addition to 30 agencies and 124 trademarks we currently have eight russian companies registered with the uae ministry of economy. russian and emirati businessmen partnered in more than 350 joint ventures in the uae and more than 40 russian companies opened representative offices in the uae. we expect all these numbers to continue registering sustained growth in the immediate future” the minister added.

on the main areas in which the two countries have identified collaborative opportunities or already ratified agreements al mansouri stated that bilateral agreements play a major role in boosting economic ties. the uae has issued federal decree no 91 of 2013 ratifying the cooperation agreement with russia in the field of peaceful nuclear energy.

also in 2013 the uae issued decree no 67 that witnessed the inking of an agreement on the protection of investments and relevant protocol. several other agreements in the fields of double taxation aviation and coordination among the chambers of commerce havalso been signed between the two countries.

addressing major challenges to bilateral ties and means to tackle them the uae minister said: “we don’t see any challenges per se. however there are opportunities that can be further explored. taking advantage of these opportunities will further boost bilateral ties on economy trade and investments.”

in reply to a question about the future of emirati–russian economic relations the minister said : “there is significant potential to step up cooperation with russia and we are working to realise this potential to the extent possible. the uae and russia have additionally signed a ‘memorandum of intention’ to start a mutual investment partnership between the abu dhabi finance department and the russian direct investment fund to invest in russian infrastructure projects.

“according to the terms of agreement the abu dhabi government will invest 5 billion in russian infrastructure projects. this is indeed a major turning point in our relations. meanwhile an agreement has also been signed between mubadala fund and the russian direct investment fund to establish a joint venture valued at 2 billion.”

“russia is a major partner in supporting the uae in the use of nuclear power for peaceful purposes. there are many opportunities where russia can help transfer knowledge including light and heavy industries telecom petroleum and space technology. russia can also become partner in petrochemicals energy — especially the clean energy domain railways and construction projects he remarked.

russia he noted can benefit from the uae’s proven advantages of an open economy and advanced facilities and infrastructure. the uae can be a major distribution hub for russian products to the whole world. investors in the uae enjoy many enabling commercial benefits resulting from the country’s tax free environment and ability to seamlessly transfer money. such factors amply qualify the uae to be a vital market for russian investments and industries.


 


Khaleej Times




  MENA News Headlines
 Feb 7 2016 - Shehzad stars for Quetta, Lahore beaten againGulf Times
(MENAFN - Gulf Times) Under-pressure Pakistan opener Ahmed Shehzad hit form at the right moment as he scored 71 off 61 balls to help Quetta Gladiators defeat Karachi Kings by eight wickets in the ...

 Feb 7 2016 - QF's NSD activities to promote fitness, healthy lifestylesGulf Times
(MENAFN - Gulf Times) Qatar Foundation for Education, Science, and Community Development (QF) is set to celebrate National Sport Day with a jam-packed schedule that will feature over 60 exciting ...

 Feb 7 2016 - Exciting family activities at Aspire ZoneGulf Times
(MENAFN - Gulf Times) Aspire Zone Foundation (AZF) is organising a variety of activities on National Sport Day (NSD) designed to encourage people to stay fit and promote sports activity. The ...

 Feb 7 2016 - GCC Swimming ChampionshipsGulf Times
(MENAFN - Gulf Times) Khalid Abdullah, head of Public Relations Committee of the 13th GCC Swimming Championships (25m), handed over the medals to the winners on the final day of the competitions. ...

 Feb 7 2016 - Meet Qatar heroes who are on their way to Rio GamesGulf Times
(MENAFN - Gulf Times) While there are only two days to go until the whole of Qatar comes together in a celebration of sport for the annual National Sport Day (NSD), there are less than six months to ...

 Feb 7 2016 - Key combination CTRL + X has been disabled.Gulf Times
(MENAFN - Gulf Times) Qatari high-jumper Mutaz Essa Barshim warmed up for the hectic 2016 season with a 2.29m jump to win the high jump competiton at the Pedro's Cup indoor meeting in Lodg, Poland, ...

 Feb 7 2016 - Camels blow away Hurricanes in openerGulf Times
(MENAFN - Gulf Times) Qatar Rugby 7s League got off to an explosive start as the Camels 1 picked up a massive 50-0 victory over DRFC Hurricanes in the opening game at Aspire Park last evening.Camels ...

 Feb 7 2016 - Benfica and Aspire Football Dreams share spoilsGulf Times
(MENAFN - Gulf Times) ur goals, two missed penalties, and countless chances illuminated a gripping game between Benfica and Aspire Football Dreams at Al Kass 2016.Chances were few and far between in ...

 Feb 7 2016 - VIPs, fans show support on day one of Al Kass 2016Gulf Times
(MENAFN - Gulf Times) Local football fans descended upon the Aspire Zone on Friday for an exciting opening day of events at the 2016 Al Kass International Cup.With the first of three games kicking ...

 Feb 7 2016 - Non-oil sector contribution to GDP seen at 70% next year: QFC execGulf Times
(MENAFN - Gulf Times) The Qatar Financial Centre Authority (QFCA) CEO has said he is "looking at 70% contribution" from the country's non-hydrocarbon sector to the national gross domestic product ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help