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His Highness Sheikh Mohamed bin Zayed, President Putin head joint economic meeting.

Tue 15/10/2019

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Vladimir Putin, President of Russia, headed a meeting of officials responsible for the economic cooperation between the UAE and Russia.

The meeting discussed the economic and trade relations between the two countries, in the areas of energy, trade, investment, infrastructure, transport, tourism, food security and technology, as well as the rapid growth in their trade in recent years, which has made the UAE the leading trading partner of Russia in the Arabian Gulf region.

The meeting also discussed the strategic partnership agreement signed by the two countries last year and its role in enhancing their economic relations, as well as the role of Emirati and Russian investors and companies, such as the investment fund between the Abu Dhabi Financial Department and the Russian Direct Investment Fund, in advancing their economic and investment cooperation.

Both sides then analysed their future economic and development cooperation, as well as the need to invest in many promising business opportunities and encourage future partnerships between government authorities and private sector companies from the two countries.

At the start of the meeting, His Highness Sheikh Mohamed bin Zayed welcomed the attendees, especially the Russian business leaders who helped to strengthen the economic relations between the UAE and Russia, which have witnessed remarkable progress while stressing his keenness to expand these relations in all sectors to achieve their desired goals.

He also praised the UAE’s cooperation with the Russian Direct Investment Fund and their improving overall cooperation, stating, "We are confident that this cooperation will develop and grow in the future."

Putin welcomed the meeting’s participants, who discussed the economic, investment and trade cooperation between the two countries while highlighting the importance of consolidating their industrial and economic cooperation.

"We view the UAE as a pivotal trading partner," Putin said, noting the considerable volume of trade between the two countries and their investment successes.

He also pointed out that the Abu Dhabi Investment Authority is the first Emirati fund to coordinate with the Russian Direct Investment Fund, stressing that their returns exceed three times the global level, and noting the cooperation between the two countries, including in petrochemicals, health, transport, infrastructure, space and artificial intelligence.

"In Russia, we are doing our best to make foreign business leaders feel comfortable when investing in our country. We have opportunities in the areas of technology, transportation and other industrial, commercial and investment sectors," he added.

Putin pointed to the cooperation between the two countries in the field of oil extraction, and welcomed the UAE's entry into the production of the "Urus" car, as well as cooperation in the field of agriculture and food, pointing out the readiness to cooperate in the field of space exploration.

The meeting was attended by H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, H.H. Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser, H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, H.H. Sheikh Hamed bin Zayed Al Nahyan, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, Khaldoon Khalifa Al Mubarak, Chairman of Abu Dhabi Executive Affairs Authority, EAA, Waleed Al Mokarrab Al Muhairi, Deputy Group CEO of Mubadala, Musabbeh Al Kaabi, Chief Executive Officer, Petroleum & Petrochemicals, Mubadala Investments, Mohammed Ibrahim Al Hammadi, CEO of the Emirates Nuclear Energy Corporation, ENEC, Mohammad Al Suwaidi, CEO of Abu Dhabi Developmental Holding, Tareq Al Hossani, CEO of Tawazun Economic Council, Abdul Aziz Al Hajri, Director of Gas, Refining and Petrochemicals, ADNOC and Mu'dhid Hareb Mugheer Al Khaili, UAE Ambassador to Russia.

The Russian side was attended by Sergey Lavrov, Minister of Foreign Affairs, Denis Manturov, Minister of Industry and Trade, Alexander Novak, Minister of Energy, Maxim Oreshkin, Minister of Economic Development, along with several other officials and Sergey N. Kuznetsov, Russian Ambassador to the UAE.

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