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Putin, UAE Crown Prince to discuss situation in Syria Thursday

Apart from Syria, talks likely to focus on Russian-UAE relations

Photo ITAR-TASS/ Alexey Nikolski

Photo ITAR-TASS/ Alexey Nikolski

MOSCOW, September 11 (Itar-Tass) - Russian President Vladimir Putin will have talks with Crown Prince Mohammed Al Nahyan of the United Arab Emirates (UAE) on Thursday, September 12, the Kremlin press service reported.

The UAE Crown Prince will be in Russia on a working visit.

The talks will focus on Russian-UAE relations, prospects for strengthening trade, economic, energy and investment cooperation, the press service said.

Putin and Al Nahyan are expected to exchange views on international issues, primarily on the situation in Syria, the press service said.

“The intensification of trade and economic relations will be one of the priorities at the talks,” the Kremlin said.

In 2012 trade turnover between both countries reached 1.5 billion dollars and increased by 1.5 times. In the first six months of the year trade increased by 7.5 percent and amounted to 879 million dollars. The Russian-UAE inter-governmental commission on trade, economic, scientific and technical cooperation contributes to mutual trade. The commission will gather for the fourth session in Moscow next year.

Among promising fields of cooperation the Kremlin names investments. Last year the UAE invested 82 million dollars in the Russian economy while Russia invested 57 million dollars. Several concrete measures have been taken to step up investment contacts. The legal basics have been formed for this purpose. An agreement on the protection and encouragement of mutual investments came into effect in August.

The Russian Direct Investment Fund and the UAE Department of Finance are planning to sign a memorandum of intent in order to co-invest in infrastructural projects in Russia. A joint venture is expected to be set up and the UAE Department of Finance will invest up to five billion dollars.

In June the Russian Direct Investment Fund and the Mubadala Development Company created a two billion dollar investment fund.

Special attention will be riveted to promoting energy cooperation. Progress has been reached in the energy sector. In April 2011 Stroytrangaz ended the construction of the 244-km-long Taweelah-Fujairah gas pipeline.

Both parties develop nuclear cooperation. On August 21, the agreement on the use of nuclear energy for peaceful purposes entered into force.

The Kremlin said at least 40 branches of Russian companies and over 350 joint ventures operated in the United Arab Emirates. Such key Russian companies as LUKOIL, Rosneft, Volga-Dniepr, Kurganmashzavod, Amtel, Stroytransgaz, the Pipe Metallurgical Company, Intercomholding, ALROSA, Metalloinvest Holding, VTB Capital and Inter RAO EES work in the UAE.

This will be the fourth meeting between Putin and Al Nahyan. Previously, the leaders of both countries met in Moscow in September 2006, June 2009 and on October 17, 2012.

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