Industry, Logistics & Shipping

UAE-Russia non-oil trade tops $14bn in 5 years

The value of non-oil trade between the UAE and Russia over the past five years amounted to $14.1 billion, while last year’s non-oil trade totalled $3.4 billion, compared to $2.5 billion in 2017, a growth of 36 percent.

In an interview with the Emirates News Agency, WAM, Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, stated that bilateral and economic ties between the UAE and Russia have witnessed significant overall growth, under the framework of their comprehensive strategic partnership announced last year.

He added that over 3,000 Russian companies are currently operating in the UAE, mainly in real estate, trade, manufacturing and telecoms, along with 576 trademarks and 25 registered commercial agencies.

Russia is a promising destination for Emirati investments, he stressed, noting that the UAE is ranked first among Gulf Cooperation Council countries, GCC, in terms of foreign direct investment, FDI flow in Russia, while Russian investments in the UAE exceed $2 billion.

He also pointed out that the UAE accounts for some 7.4 percent of Russian exports to Arab countries, as well as for 7.7 percent of Russian foreign trade with the Arab region.

Al Saleh highlighted the fact that the number of Russian tourists staying in Emirati hotels totalled 1.83 million in 2018, an increase of 37.4 percent, or 788,000 new visitors compared to 2017, while the number of Russian visitors occupying hotels in the UAE in the first half of 2019 totalled 555,000.

The two countries have signed several agreements to reinforce their economic and trade cooperation in the areas of infrastructure, transport, vehicle manufacturing, petrochemicals and scientific research, he noted.