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Russia, UAE sign agreements totaling $1.4 bln

The Russian president recalled that the Mubadala Emirates fund is one of the first partners of the Russian Direct Investment Fund, with whom they have implemented more than 45 projects worth $2.3 bln

Russian President Vladimir Putin Mikhail Mettsel/TASS

Russian President Vladimir Putin

© Mikhail Mettsel/TASS

ABU DHABI, October 15. /TASS/. Russia and the United Arab Emirates signed agreements worth $1.4 bln in the course of President Vladimir Putin’s official visit to the UAE.

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"Investments are to be made in petrochemistry, transport, and medicine. New deals have been closed today. These are projects worth about $1.4 bln, and they cover a wide range of industries," the Russian leader said at a meeting with business representatives of the two countries.

Putin noted that Moscow welcomes the UAE's investment in the Russian economy. He recalled that the Mubadala Emirates fund is one of the first partners of the Russian Direct Investment Fund (RDIF) and together they have already implemented more than 45 projects worth $2.3 bln.

"The return on these investments is significant, sometimes it is three times higher than global standards," the Russian president stressed.

According to him, the industrial cooperation between Russia and the UAE is also gaining momentum.

"We welcome our Emirates friends' entry into the share capital of the company, the manufacturer of executive Aurus cars. We are doing and will do all that is necessary to make investors, including those from the United Arab Emirates, feel comfortable in our market," Putin concluded.

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