The country is the first Arab destination for Russian investments

7.34 billion dirhams of foreign trade between the UAE and Russia in 6 months

During the UAE's participation in the "Made in Russia" forum, with a delegation headed by Al Zeyoudi.

From the source

The Ministry of Economy stated that the UAE is Russia's largest Gulf trading partner, accounting for 55% of the total Russian-Gulf trade. The UAE is also ranked among the most important Arab countries in Russian trade, as it comes in second place, explaining that the value of non-oil trade exchange Between the UAE and Russia, it amounted during the first half of this year to about two billion dollars (7.34 billion dirhams), achieving a growth of more than 80% compared to the first half of last year, while the value of non-oil trade exchanges during the past year amounted to about 2.6 billion dollars ( 9.54 billion dirhams).

This came during the UAE's participation in the annual International Export Forum "Made in Russia", which is being held in the Russian capital, Moscow, with a delegation headed by the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi.

In a statement issued yesterday, the ministry indicated that in terms of investment, the UAE is the first Arab destination for Russian investments, as it accounts for 90% of Russia's total investments in Arab countries. In contrast, the UAE is the largest Arab investor in Russia, and contributes more than 80% of the total Arab investments in it, where the volume of mutual investments between the UAE and Russia is about 1.8 billion dollars (about 6.6 billion dirhams), while Russian foreign direct investments in the UAE achieved a growth of 13% during 2019 compared to 2018.

Al Zeyoudi stressed the strength of the UAE-Russian relations, which constitute a distinct and unique model at the level of international relations, as the Russian Federation is one of the most prominent economic partners of the UAE, and the two countries bring together a comprehensive strategic partnership in all fields.

He said that economic cooperation between the two countries has made significant leaps in its size and diversity over the past few years in many vital sectors, such as renewable energy, space, modern technology and the Fourth Industrial Revolution, as well as the successful projects and investments of the two countries' companies in the fields of real estate, industry, food security, infrastructure, petrochemicals, ports and aviation. .

Al Zeyoudi reviewed the most prominent developments in the UAE economy during the last stage, including modernizing economic legislation, allowing 100% foreign ownership of companies, enhancing openness and flexibility in trade and investment policies, establishing and conducting business, and launching “50 projects”, which represent a proactive roadmap for the future economy and enhance Shift towards a flexible and sustainable economic model that is more open to partnerships and global markets.

The UAE calls for supporting global tourism with innovation

Dr. Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises and Chairman of the Emirates Tourism Council, stressed the importance of strengthening international cooperation to support the global tourism sector by focusing on innovation in the field of tourism to create sustainable mechanisms that support the sector’s readiness for various future changes, in addition to developing plans and initiatives to encourage entrepreneurs to invest in this vital sector.

According to a statement issued yesterday by the Ministry of Economy, Al Falasi said during a panel discussion on the sidelines of the 24th meeting of the General Assembly of the World Tourism Organization, which was held in Madrid, that the tourism sector is a major contributor to the national economy of the UAE, and has proven high resilience in the face of crises. The sector should prove its exceptional ability and excel during the current year over the most prominent international tourist destinations, with an average occupancy of 62%.

Al Falasi pointed out that the development of rural tourism and natural tourist destinations is one of the priorities of the state's strategy for tourism development, as this is reflected in the size of the huge projects and investments allocated by the government to develop the cities of the UAE.

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