Industry, Logistics & Shipping

Dubai-Russia trade up 67pc in 2 years to $2.5bn

Dubai's external trade with Russia has witnessed rapid growth in the past few years, from Dh5.5 billion ($1.5 billion) in 2016 to Dh9.21 billion ($2.5 billion) in 2018, marking an increase of 67 per cent.

While trade with Russia reached Dh7.38 billion in 2017, in the first six months of 2019 it reached Dh4.55 billion.

Statistics, released by Dubai Customs in conjunction with the landmark visit of the Russian President Vladimir Putin to the UAE, showed that major commodities between the two sides were diamonds, gold, phones, cigars and vehicle spare parts.

“Dubai trade with Russia is gaining more weight and momentum reflecting a developed and healthy economic ties between the two countries,” said Ahmed Mahboob Musabih, director general of Dubai Customs.

“We work hard to ensure best services and facilities are provided to Russian businesses and companies. There are more than 3,000 Russian companies in the country and we go above and beyond to support mutual trade in fulfilment of the directives and wise vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. We look forward to more cooperation with Russian diplomatic missions and companies in the forthcoming period, especially with the advent of Expo 2020”.

Musabih pointed out that the Russian economy is growing fast and this unleashes a host of investment opportunities that will benefit the peoples of the two countries. – TradeArabia News Service