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Meeting with representatives of business circles of Russia and the UAE

October 15, 2019, Abu Dhabi

President of Russia Vladimir Putin and Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces Mohammed bin Zayed Al Nahyan took part in a meeting with representatives of business circles of Russia and the UAE .

Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Mohammed bin Zayed Al Nahyan (retranslated): Mr President, Your Excellency,

We are glad to once again welcome you in your second homeland, the United Arab Emirates.

We would like to note that we do our utmost to develop our bilateral relations. This visit of yours is clear proof of our deep friendship and strategic partnership that connect the Russian Federation and the United Arab Emirates.

We are also glad to welcome representatives of the two countries’ largest economic operators, who make their contribution to strengthening and promoting bilateral strategic partnership, here at this table.

Russia-UAE relations have been growing significantly and developing in all areas in recent years. We would like to reaffirm our strong wish to strengthen and expand these relations in the interests of our nations.

During my last visit to Moscow, we discussed issues related to the development and expansion of economic and investment cooperation between Russia and the UAE. Today we will hear reports from several representatives of large businesses who will talk about new trends and new aspects in these relations, as well as new goals and tasks for the future.

I would like to note the high level of cooperation with the Russian Direct Investment Fund, with which we have built a truly strategic investment partnership.

We highly value our achievements in various spheres. We believe that friendship and strategic partnership between our countries serve as reliable guarantees of the successful development and expansion of our cooperation.

Thank you very much, Mr President.

President of Russia Vladimir Putin: Your Highness, colleagues,

Let me welcome all the representatives of Russia and the UAE who are here today.

I believe it is very important to discuss Russian-UAE trade, investment and business cooperation. I have just had talks with Crown Prince of Abu Dhabi Mohammed bin Zayed Al Nahyan, where we focused on bilateral economic cooperation.

The United Arab Emirates is Russia’s key trading partner in the Persian Gulf region and in the Middle East in general. Last year, trade grew almost four percent and reached $1.7 billion.

We have also succeeded in the investment sphere. The Mubadala Investment Company was among the first partners of the Russian Direct Investment Fund; over 45 projects worth $2.3 billion in total have already been implemented. The profit from them is significantly higher – sometimes three times as high – than the global standards. Investment is made in petrochemistry, transport and medicine.

Today we have made new deals; the projects are worth about $1.4 billion, and cooperation encompasses different areas. We are doing and will do everything necessary to help investors, including from the UAE, feel comfortable on our market.

There are new opportunities in digital technology, telecommunications, logistics, transport, finance, banking and, of course, energy. Let me note the effective work done by the joint enterprise of Gazprom Neft and Mubadala Petroleum to develop fields in the Tomsk and Omsk regions of Russia. LUKOIL is beginning to cooperate with the Abu Dhabi National Oil Company and has joined the oil and gas concession on the UAE shelf.

Our friends in the Emirates can count on Russia’s cooperation in developing nuclear power generation. Rosatom offers its unique capacities, experience and advanced technology, which meet the highest standards, including in security.

Industrial cooperation is also expanding. We welcome our UAE friends as shareholders of the company that produces Aurus luxury cars.

We are ready to step up our cooperation in agriculture. Russia can cover the UAE market’s demand for agricultural products and food, such as meat, including halal meat, and grains.

We are ready to continue joint work in space exploration.

Colleagues, friends, I have only outlined part of the wide range of opportunities for cooperation. We hope that Russian and UAE businesspeople will continue to develop their mutually beneficial trade and economic cooperation. The Russian government will fully support you.

Thank you for your attention.


October 15, 2019, Abu Dhabi