UAE-Russia Economic Partnership Enters New Phase At Business Forum, Says Council Chairman

The UAE is a key long-term partner for Russia, not just in trade but also in structural investment, according to Alexander Vinokurov, Chairman of the Russia–UAE Business Council. In an interview with the Emirates News Agency (WAM) during the First UAE–Russia Business Forum, he noted that Emirati companies are increasingly interested in various sectors and are approaching cooperation with a practical mindset.

Vinokurov highlighted that Emirati businesses are keen on localised production, joint ventures, and supply-chain integration. He pointed out that the UAE views Russia as a dependable supplier of grain, meat, and processed products. Interest is also growing in co-investing in logistics and processing facilities.

The Forum underscored key areas of collaboration both nations aim to enhance. "Fintech, smart-city technologies, cybersecurity, and AI-driven services are gaining momentum," Vinokurov mentioned. These sectors are particularly important as both countries focus on technological sovereignty.

Discussing this year's Forum outcomes, Vinokurov emphasised its significance in the long-term economic relationship between the two countries. "I am confident that the Forum will serve as a starting point for a new phase of the UAE–Russia economic partnership," he stated.

Despite notable achievements, Vinokurov acknowledged that bilateral potential remains largely untapped. "Our joint business and economic achievements still fall short of our true potential," he said. Although agreements signed during the Forum already reach tens of billions, many opportunities remain unexplored.

He affirmed that bridging this gap is central to the Russia–UAE Business Council's mission. "To close this gap is precisely what lies at the core of the Russia–UAE Business Council and remains our priority," he said.

Forum's Organisational Support

The inaugural UAE–Russia Business Forum commenced on Wednesday in Dubai. It was organised by the Russia–UAE Business Council alongside the Roscongress Foundation and supported by the Russian Ministry of Industry and Trade and Marathon Investment Group.

The event brought together leaders from major companies, investment funds, relevant ministries, and technology startups from both Russia and the UAE. This gathering aimed to foster deeper collaboration across various industries.

With inputs from WAM