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Wed, 20 Nov 2019 12:32 GMT

UAE and Russia: Strategic Partnership Establishes Economic Relations

Politics

7Dnews London

Tue, 15 Oct 2019 08:32 GMT

Recent reports from official statistics show that relations between the United Arab Emirates and Russia, classified as a "strategic partnership", have increased trading on many levels as evidenced in documents of the official authorities on both sides.

Indicating the increase in UAE-Russian trade activity, official statistics show that the value of trade exchange between the two countries increased to AED12.6bn ($3.43bn) in 2018, a growth of almost 37% compared with AED9.2bn ($2.5) in 2017, Emirati news agency, WAM, reported.

In light of the strong relations between the two countries, especially since this was promoted to a strategic partnership in June 2018, an increase in the levels of trade exchange and enhanced activity in the economic and investment sectors, during the next stage of its development, are expected.

The number of Russian companies operating in the UAE exceeds 3,000 companies and their activities are spread across all sectors, especially trade, industry, oil and gas. Meanwhile, the volume of UAE investments in many Russian projects exceeds the AED3.8bn ($1.04) barrier through the mutual fund between the two countries, WAM said.

In terms of tourism, the UAE has become one of the favourite destinations for Russian tourists, who have accounted for the highest number of visitors, from one nation, in the past three years. The number of Russian tourists in 2018 reached 820,000. 

The two countries decided to cancel their entry-visa requirements as of February 2018, which contributed to the increase in the number of Russian tourists to the country.

In terms of the trade exchange between the two countries, the value of UAE imports from Russia amounted to about AED8bn ($2.17) in 2018, an increase of 26.2% compared with 2017, according to figures issued by the Federal Competitiveness and Statistics Authority.

UAE exports to Russia rose to AED1.1bn ($299.5m) last year from AED913m (248.5m) in 2017. The value of re-export trade increased to AED3.5bn ($953m) by the end of 2018, an increase of 75% compared to AED2bn ($554.5m) in 2017.

According to WAM, economic and trade relations between the UAE and Russia will be further developed in the coming phase, following President Putin's visit to Abu Dhabi on Tuesday October 15th, where joint committees will complete work on the mechanisms that will have a positive impact on the cooperation between the two countries.

Middle East Russia