‘UAE top Arab destination for Russian investments’


Speakers of UAE, Russian Parliaments commended the mission of the eight-member Inter-Parliamentary Union Task Force for the peaceful resolution of the crisis in Ukraine, led by MP Dr. Ali Al Nuaimi of the UAE…reports Asian Lite Newsa

UAE’s Federal National Council (FNC) Speaker Saqr Ghobash and his Russian counterpart Valentina Matvienko have discussed ways of enhancing cooperation between the two countries, especially in the parliamentary field.

During the meeting, which took place on the sidelines of the 8th G20 Parliamentary Speakers’ Summit in the Indonesian capital Jakarta, the two sides acknowledged the role of parliamentary diplomacy in serving state policies and strengthening international security and peace.

They commended the mission of the eight-member IPU Task Force for the peaceful resolution of the crisis in Ukraine, led by MP Dr. Ali Al Nuaimi of the United Arab Emirates.

Saqr Ghobash stressed the importance of strengthening and continuity of communication, coordination and strategic parliamentary dialogue between the two sides, and unifying positions, visions and orientations on various issues of common interest in various regional and international parliamentary forums, especially in the Inter-Parliamentary Union, with the importance of exchanging experiences, knowledge and parliamentary practices.

For her part, Valentina Matvienko stressed the need for parliamentary relations keeping pace with the strategic partnership relations between the two countries, and the development they are witnessing at various economic, commercial, cultural, energy and technology levels.

The UAE is the first Arab destination for Russian investments and is the largest Arab investor in Russia, she noted.

Sharjah-Russia biz forum

Earlier this month, the Sharjah Chamber of Commerce and Industry (SCCI) organised the “Sharjah-Russia business forum” to discuss ways to boost economic ties and deepen commercial collaboration with Russian business community.

During the meeting, the chamber briefed the Russian trade mission on Sharjah’s business advantages and facilities as well as on the investment opportunities available in various economic sectors. The forum also witnessed bilateral meetings between business owners from the two sides to exchange experiences and explore new avenues to advance their collaboration.

Abdulaziz Mohammed Shattaf, Assistant Director-General of the Communication and Business Sector at the SCCI, Ibrahim Rashid Al Jarwan, Director of the Economic Relations and Marketing Department, SCCI, and Maksim Zagornov, Business Ambassador of Business Russia to the UAE, attended the meeting. Also present were a number of businessmen, investors, and representatives of the local business community.

Abdulaziz Shattaf stressed that the business relations between the UAE and Russia are rapidly growing across various fields, something which has had a significant impact on the volume of trade exchange that reached AED 12 billion in 2021, an increase of 116%.

“The UAE accounts for 55% of the total Russian-Gulf trade, and holds 90% of Russia’s total investments in the Arab countries. Additionally, 80% of the total Arab investments in Russia are made by the UAE, while Russian exports to the UAE amounted to AED 10.6 billion. Also, Emirati exports to Russia increased by almost 40% to AED 1.46 billion,” Shattaf said.

He went on to say that the mutual economic cooperation covers different strategic sectors, including renewable energy, space, modern technology, the Fourth Industrial Revolution, food security, infrastructure, petrochemicals, ports, and aviation.

For his part, Maksim Zagornov said that the Russian Business Council has over 7,000 companies and more than 3 million members. Due to Sharjah’s ease of doing business and its secure and suitable environment for all investments, regardless of their size and expertise, all of these enterprises, which generate an annual profit return of around $30 million, have a strong desire to explore investment prospects in the UAE in general and Sharjah in particular.

During the event, Lamia Al Jasmi, Head of the Exporters’ Service and Markets Department, SCCI, delivered a presentation outlining the role and key services provided by the Sharjah Exports Development Center.

Al Jasmi pointed out that the center, via a range of services it offers to boost industrial and exporting businesses, plays a key role in producing an optimal atmosphere that supports and develops local exports.

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