Russia signs agreements with UAE for $1.4 billion

During a meeting with business representatives of Russia and the United Arab Emirates (UAE), Russian President Vladimir Putin said that during his visit to UAE, Moscow and Abu Dhabi signed agreements for a total amount of $1.4 billion.

According to Putin, agreements involve a variety of projects, including projects in the field of digital technologies, telecommunications, logistics, transport, finances, banking, and energy.

The Russian President noted that the trade between Russia and the UAE grew by almost four percent and reached $1.7 billion last year. Putin also said that the Russian Direct Investment Fund and the Sovereign Wealth Fund Mubadala Investment Company from UAE have jointly implemented more than 45 projects with a total amount of $2.3 billion.

On September 15, Putin visited the UAE for the first time since 2007. The Kremlin’s press service reported that the Russian President had a meeting with Crown Prince Mohammed al Nahyan at the Qasr al Watan Palace, and during the meeting, they discussed further bilateral cooperation in trade, economic and investment.

During the visit of the Russian President, an agreement was signed between the Russian oil company Lukoil and the Abu Dhabi National Oil Company (ADNOC) on the purchase of 5% in the Ghasha gas concession. The project involves the production of gas, oil, and gas condensate in the Persian Gulf.

  Russia, UAE, Putin