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Russia, UAE sign agreements on investment and transportation

The sides also signed a joint declaration of understanding

MOSCOW, August 7. /TASS/. Russia and the United Arab Emirates signed two agreements in the areas of investment and transportation on the sidelines of talks between the two presidents Vladimir Putin and Mohamed bin Zayed Al Nahyan.

The agreement on trade in services and investment between the Government of the Russian Federation and the Government of the United Arab Emirates, along with a joint declaration of understanding, was signed by Russian Minister of Economic Development Maxim Reshetnikov and UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi.

A memorandum of understanding between the Russian Ministry of Transport and the Ministry of Energy and Infrastructure of the United Arab Emirates on cooperation in the field of ground transportation was signed by Russian Minister of Transport Andrey Nikitin and UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei.

UAE market

"The UAE market has traditionally been highly protected by various barriers, particularly in the services sector. Under today’s agreement, the UAE is opening 64 sectors and subsectors to Russian service providers. For example, Russian businesses will be able to establish wholly owned subsidiaries - 100% Russian capital - in areas such as IT, education services, and aircraft maintenance. The list of eligible services is quite extensive," Russian Minister of Economic Development Maxim Reshetnikov told journalists.

He also noted that the agreement addresses a critical issue related to insurance.

"This is particularly relevant for us right now, especially with regard to services in maritime and conventional transport sectors - those that directly support trade. At the same time, Russia is also opening 12 sectors to the UAE under the same agreement," the minister added, emphasizing the importance of this step for expanding trade volumes.

"It is worth noting that trade in services currently accounts for nearly $14 bln in our bilateral turnover. This is a highly significant figure, and we aim to approximately double it by 2030-2031," Reshetnikov noted.

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United Arab Emirates

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