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Chairman of the Abu Dhabi Department of Economic Development receives high-level Russian delegation

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Chairman of the Abu Dhabi Department of Economic Development receives high-level Russian delegation

Tuesday, December 18, 2012
HE Nasser Ahmed Al Suwaidi, Chairman of Abu Dhabi Department of Economic Development  received today at his office a high-level delegation from  the Federal Republic of Russia headed by Dr. Elena Uspenskaya  Head of the Department for Congresses and International  Cooperation in City of Moscow  Government. The two sides discussed ways and means to strengthen economic and investment relations between the Emirate of Abu Dhabi and the Federal Republic of Russia and expanding horizons of joint cooperation to support business investment and private sectors on both sides. The Russian delegation, included H.E Mezhdhov Islambek, the Chechen Deputy Minister of Energy and Industry, and the ministers of Economy and Finance, Health and Transport and a number of senior officials from the Republic of Chechnya. During the meeting HE Nasser Al Suwaidi stressed the keenness of the Government of Abu Dhabi to strengthen relations with the Russian Federation, which in recent years has seen a convergence remarkable in the light of the agreements concluded between the two sides, which contributed to increased rates of trade between the two countries; and opened wide opportunities for joint investments, with the support and encouragement of the governments of the two friendly countries.Al Suwaidi said that the Emirate of Abu Dhabi offers promising investment opportunities   within the   current package  of the huge development projects which constitute an ideal platform for investment, and  boosting of economic ties and joint cooperation, especially in infrastructure, tourist, industry, and alternative energy, which the Emirate of Abu Dhabi undertake  in  realization of its Economic Vision 2030. H.E Al sowaidi said that Russia is an ideal investment partner for the Emirate of Abu Dhabi and the UAE in general, because of its high-technology, skilled workforce, advanced  construction sector, and abundance of natural resources. HE the Chairman of the Department of Economic Development   expressed enthusiasm that the visit of the Russian delegation to the Stat, will promote economic and investment relations between the two sides in view of the desire of both sides to provide mutual opportunities that will contribute to increasing the volume of trade exchange and joint investments between the two countries.For his part, the Russian delegation praised the openness and potential enjoyed by Abu Dhabi's economy with all countries of the world, and the distinct economic environment that encourages Russian companies to invest in UAE. In this context, the Russian side emphasized the desire of the Russian Industries to benefit from the promising investment opportunities provided by    Abu Dhabi, which stands as one of the most promising markets in the region, as it is characterized by its high consumer purchasing power, as well as facilities, incentives and benefits of commercial industry and trade. This makes it a viable market and a hub for imports and exports of Russian goods to various Middle East and African countries.The Russian delegation pointed out that Russia's economy is the ninth largest economy in the world; and is characterized by abundant natural gas, oil, coal and precious metals reserves; in addition to its ability to absorb and attract Gulf investors and companies, especially those operating in the Emirate of Abu Dhabi.The Russian delegation stated that this visit to the State aims at opening opportunities for Russian investment companies, especially the energy and infrastructure development companies, to explore alternative investment destinations in the UAE,   and particularly Abu Dhabi.It is worth mentioning that the volume of trade between the Emirate of Abu Dhabi and the Federal Republic of Russia Federation during the period from January to October 2012 amounted to about AED 598.275 million compared to AED 419.872 million d during the same period in 2011.Imports of Abu Dhabi  from Russian markets amounted to AED 571.329 million during the period from January to October 2012, and  included wheat, spare parts silicon materials, and manganese, paper materials, water heaters, chemicals, equipments, spare parts and others goods. Abu Dhabi exports to Russia reached a total value of AED 26.340, and constituted marble materials, spare parts and accessories, machinery, electrical equipments and textiles. It is noteworthy that the UAE has 3000 registered Russian companies and is home to about 25000 Russian residents. UAE also   accommodate  have  more than 75,000 people  Russian speaking people  from the Commonwealth of Independent States and attracts   annually a large number  of nearly one million tourists from Russia and the Commonwealth of Independent States.It should be noted that the volume of trade between Russia and the GCC countries has increased by 4000 times over the past decade to reach $ 11.2 billion. The UAE acquired the lion's share of about $ 6.6 billion of trade.  Russian companies’ investments in UAE amounted $ 186 million dollars in 2011, while   the volume of volume of UAE investments in Russian amounted to $ 253 million in the same year.
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