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 have also 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
 Oct 9 2015 - Qatar- QSE falls 34 points, bullish phase continuesGulf Times
(MENAFN - Gulf Times) Qatar Stock Exchange failed to surpass the 11,800 mark as its key index lost 34 points, after being in a bullish phase for the last three consecutive sessions.Consumer goods, ...

 Oct 9 2015 - Saudi said to order spend curbs amid oil price slumpGulf Times
(MENAFN - Gulf Times) Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom's budget, according to two people with knowledge of the matter.The ...

 Oct 9 2015 - KSA- SABB Q3 profit rises 7.7% to $304mnGulf Times
(MENAFN - Gulf Times) Saudi British Bank (SABB), the kingdom's fifth-largest bank by assets, posted a 7.7% rise in third-quarter net profit yesterday, in line with analyst forecasts. The bank, an ...

 Oct 9 2015 - Qatar wealth fund said interested in Glencore agriculture unit saleGulf Times
(MENAFN - Gulf Times) The sovereign wealth fund of Qatar has joined investors expressing an interest in buying a minority stake in Glencore's agriculture business, according to three people familiar ...

 Oct 9 2015 - Almost 300 Europe-bound migrants arrested in LibyaGulf Times
(MENAFN - Gulf Times) Libyan authorities said almost 300 migrants, a third of them from Senegal, were arrested Thursday as they prepared to board boats for the Mediterranean crossing to Europe."After ...

 Oct 9 2015 - Netanyahu moves to lower tensions over holy siteGulf Times
(MENAFN - Gulf Times) Prime Minister Benjamin Netanyahu has banned Israeli cabinet ministers and legislators from visiting a sensitive Jerusalem holy site where rising tensions have spilled over into ...

 Oct 9 2015 - France carries out fresh strikes against IS in SyriaGulf Times
(MENAFN - Gulf Times) France said on Friday it had carried out a second wave of strikes overnight on Islamic State targets in Syria and accused Russia of failing to target the group."Two Rafale jets ...

 Oct 9 2015 - UN envoy proposes Libya unity governmentGulf Times
(MENAFN - Gulf Times) UN envoy Bernardino Leon proposed a Libyan unity government on Friday aimed at ending years of conflict, but the plan was quickly dismissed by members of the country's two rival ...

 Oct 9 2015 - Tunisian dialogue mediators win Nobel Peace PrizeGulf Times
(MENAFN - Gulf Times) Tunisia's National Dialogue Quartet won the Nobel Peace Prize on Friday for building democracy in the country after the 2011 revolution which unleashed the Arab Spring.The award ...

 Oct 9 2015 - Four Arabs stabbed in southern Israel, Jewish suspect heldGulf Times
(MENAFN - Gulf Times) Four Arabs were stabbed in a town in southern Israel on Friday and a Jewish suspect was arrested, police said. The attacks follow a surge in knife violence by Palestinians ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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