Special Features
UAE offers promising investment opportunities at Arabia-EXPO in St Petersburg
The UAE and Russia have promising prospects for expanding joint cooperation in economic, trade, investment food security and Small and Medium Scale Enterprises (SME) sectors, a senior UAE economic official has told the Emirati-Russian Forum, held on the sidelines of the 11th Session of the Russian-Arab Cooperation Council and the Third International Exhibition ’Arabia-EXPO’ from May 30 to June 1 in St Petersburg.In a keynote address, Juma Mohammed Al Kit, Assistant Undersecretary of UAE Ministry of Economy for Foreign Trade, said the UAE had participated in the events for the first time with the aim of furthering strategic partnerships between Russia and the Arab region and presenting huge trade and investment opportunities and potentials the UAE can offer to foreign investors.
Al Kit said the UAE views with pride its economic relations ties with Russia, where trade exchange saw phenomenal growth of over US$ 1.8 billion last year.
He noted that trade with Russia accounted for 57.1% of Russia’s total foreign trade with the GCC member states over the last ten years.
He added that UAE-Russia mutual investment stood at US$ 22 billion by the end of 2011.
He said that over 25,000 Russians are living and working in the UAE, which is considered a favourite destination for Russian tourists whose number reached one million in 2012.
Emirati and Russian airlines, he continued, had played a significant role in bringing the two countries closer by increasing air movement of both passengers and goods through nearly 70 direct flights per week.
At the international events, the UAE launched ’Why Emirates’, a key comprehensive reference giving investors and businessmen an inclusive insight into the UAE success story, economy, laws and regulations and promising investment opportunities in vital sectors.
