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Abu Dhabi 13-10-2019 / WAM /
Abdullah Al-Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs, said that the volume of non-oil trade exchange between the UAE and Russia during the past five years amounted to 14.1 billion dollars, while non-oil exchange between the two countries last year reached 3.4 billion dollars against 2.5 billion dollars in 2017 with an annual growth. Reached 36%, which reflects the development of foreign trade movement between the two friendly countries and the strength of strategic partnership between them.
The Undersecretary of the Ministry of Economy for Foreign Trade Affairs in an interview with the UAE News Agency “WAM” .. The bilateral economic relations between the UAE and Russia is witnessing significant growth in all development sectors, especially in light of the declaration of the two countries comprehensive strategic partnership last year, which includes the political, security and trade Economic, cultural, humanitarian, scientific, technological and tourism fields, pointing out that in light of the current partnerships between the two countries and promising economic components, the volume of trade exchange continues to grow during the next stage to more advanced horizons. a.
He added that more than 3,000 Russian companies are currently operating in the UAE and their activities are in the real estate, trade, manufacturing and communications sectors, in addition to 576 brands and 25 Russian commercial agencies registered with the state.
On the volume of Russian investments in the country by the end of last year.
Abdullah Al Saleh said that Russia represents one of our promising investment destinations for UAE investments. The UAE ranked first among the GCC countries in terms of FDI inflows in Russia. These investments vary in wholesale, retail, real estate, industrial, financial, insurance, telecommunications and information technology sectors. Transport, storage, education and repair of motor vehicles and motorcycles, while the balance of Russian investments in the UAE exceeded the $ 2 billion mark.
Regarding the UAE’s share of the total Russian exports to the Arab countries last year, he pointed out that the UAE accounted for 7.4% of the total Russian exports to the Arab countries group, while the UAE accounted for 7.7% of the total foreign trade with Russia. Group of Arab States.
As for the number of Russian tourists visiting the UAE, Abdullah Al Saleh said that the number of hotel guests from the Russian market reached about one million and 83 thousand hotel guests, an increase of 37.4% compared to 2017, equivalent to 788 thousand new guests. During the first half of this year approximately 555 thousand hotel guests.
Al-Saleh said that the increase in the number of tourists from the Russian market is due to many factors, the most important of which are the facilities provided by the state regarding the visa file for visitors from the Russian market, where visitors from this market can obtain a visa once they reach the airports of the country. The marketing efforts of all local authorities and departments and the National Tourism Program at the Ministry of Economy were one of the factors that led to this remarkable increase, as the Russian market is one of the most important markets for tourism in the country.
He pointed out that the increase in the number of flights to and from the Russian market carried out by all national airlines in the country had the greatest impact in increasing the number of tourists from the Russian market to the state.
He pointed out that the Ministry of Economy, in coordination with the departments and local tourism bodies, organized a promotional exhibition of the State in the Russian market in three Russian cities, “Moscow, St. Petersburg and Kazan”, during the period from 16 to 19 September last.
On the map of the UAE’s external economic relations with Russia,
The Undersecretary of the Ministry of Economy for Foreign Trade Affairs said that the UAE-Russia relations are historic and based on ties of friendship, cooperation and respect for common interests. The development agenda of the two sides has many commonalities in terms of focusing on innovation, scientific research, development and investment in renewable energy solutions as well as Islamic economy sectors, which occupies a large area. Of the two sides’ attention.
Abdullah Al Saleh added that the UAE is Russia’s first trade partner in the region, while Russia is among the most important trading partners of the country.
He pointed out that the map of joint economic cooperation between the two countries includes many vital sectors such as industry, transport, technology, nuclear energy and space.The government of the two countries has been keen to facilitate trade, investment, tourism and cultural exchange and took many steps in support of this direction, most notably the abolition of visas for citizens of both sides.
With regard to the most important economic and trade cooperation agreements concluded between the two countries, he said that the two countries are bound by many agreements and memorandums of understanding that enhance the aspects of economic and trade cooperation in addition to the existing partnerships between many economic institutions from both sides in a number of vital sectors in infrastructure, transport and automotive industry. Petrochemicals and scientific research and development and other areas are a key bet for development.
Abdullah Al Saleh pointed to the ongoing cooperation between Mubadala Investment Fund and the Russian Direct Investment Fund within an investment consortium which also includes some of the leading investment funds from the Middle East to enter into regional development projects.
The following are the most important agreements between the UAE and Russia.
Cooperation Agreement in the Field of Peaceful Nuclear Energy and the Agreement for the Protection and Promotion of Investment between Russia and the UAE, signed in December 2012 in addition to the signing of a Memorandum of Understanding between the two countries
