The CEO of the Russian Direct Investment Fund, Kirill Dimitriev, said that the UAE's flexible economy and its success in diversifying its economy will enable it to cope with economic crises.
During a meeting with a UAE media delegation in Moscow, Demetriev expressed his belief that the UAE will be an important space center, pointing out that there is an important opportunity for Emirati investors in the “Russia National Project”, in which Russia will pump $ 200 billion in infrastructure. Infrastructure, health and other sectors.
Investments and projects
The CEO of the Russian Direct Investment Fund, Kirill Dimitriev, said during a meeting with a UAE media delegation in Moscow that the UAE and Russia enjoy strategic relations that are growing tremendously. He explained that one way to clarify this strategic partnership is through investments.We formed a very good partnership with Mubadala Investment Company (Mubadala), one of the largest sovereign wealth funds in the world, and we have invested more than 45 transactions, which have been made in Russia to date.
He pointed out that the investments of the Fund and its partners represent more than 90% of direct investments, and that more than 60% of the investments of projects in Russia, is with «Mubadala», being the most active investment partner.
"These partnerships are crucial to the growth of the Russian economy, which has achieved very good returns as it recovers," he said, pointing to the difficult times the Russian economy has gone through.
“The strategic nature of the relationship has been invested jointly, including helicopters. Russia is a world leader in helicopter manufacturing, as well as Sibor, Russia's largest petrochemical company, which has created 20,000 jobs and investments in healthcare. He pointed out that the Russian direct investment fund invested a total of about 1.5 trillion rubles, equivalent to 27 billion dollars in the Russian economy.
"We believe that economic development and the relationship between the UAE and Russia are very important, and we see that there is a greater opportunity for cooperation, and there is a meeting plan between our leadership and business leaders from Russia, and business leaders from the UAE, to see how to enhance investment cooperation."
He pointed to the cooperation with Abu Dhabi National Oil Company (ADNOC), in a joint venture, in addition to other Russian-UAE partnerships, which will benefit from the growth of the UAE economy. "We look forward to developing relations with the Abu Dhabi Investment Authority and with DP World to work on projects outside Russia," he said.
Demetriev stressed that technology is another area of joint cooperation between the two countries, pointing out that the UAE is a highly developed country in the field of technology, attracting many of the best technology companies in the region, and has become a center of technology in the Middle East.
“Much of our investment is focused on technology, and we want to apply AI to healthcare. We are working to improve cancer treatment, apply AI to genetics, and other areas where we think collaboration is very close. There are also proposals for cooperation in the production of nuclear energy ».
On the field of space, Dimitriev stressed the existence of joint cooperation, especially as the UAE astronaut program is developing rapidly, as a group of specialists trained in Russia, and there is cooperation for specialized projects are discussed, most notably the launch of a satellite from the UAE. "We believe that the UAE will be an important center in this area," he said.
Russia National Project
Speaking of Russia's National Project, which will make a big leap forward, Dimitriev will inject $ 200 billion into infrastructure, health and other sectors, pointing out that it is a good opportunity for UAE investors.
“We are also looking forward to good educational cooperation between the UAE and Russia,” he said. Cultural figures, which are translated by tourism figures, and part of them are Russian tourists. ”
Dmitriev pointed to risks lurking in the global economy, and unexpected things may occur, as well as a slowdown in its growth, caused by economic war and global events that increase this risk.
He stressed that the UAE's flexible economy, and its success in diversifying its economy, will make it able to cope with economic crises, similar to its previous experience, its economy is flexible, and was not affected by the low oil prices. So is Russia, which has overcome the crisis, so our cooperation will be important to face the next in the global economy.
«Mubadala» and «Russian Investment Fund»
■ 6 years of partnership.
■ More than two billion dollars have been invested jointly.
■ 7 billion scale investment platform.
■ More than 45 joint deals in Russia to date.
■ Returns on the investment portfolio exceed international indicators.