RIYADH, (Pakistan Point News - 30th Oct, 2019) A senior Russian trade official said that the UAE has demonstrated how a nation can successfully transform its economy, "by expeditiously investing its income from oil."
Speaking on the sidelines of the Future Investment Initiative currently running in Riyadh until October 31st, the Head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev told the Russian state agency (TASS) that the UAE is a country that is rapidly developing, and that "its experience could be useful for Russia as it implements its own economic growth programmes."
He added that the leaders of the UAE, Saudi Arabia and Russia are working to "transform relations into a strategic partnership", which will "ensure that we can preserve stability in global energy markets, thanks to the OPEC+ agreement, whilst also developing mutually-beneficial investment cooperation."
Russian President Vladimir Putin visited Saudi Arabia and the UAE mid-October where he met with Mohammed bin Salman Bin Abdul Aziz, Crown Prince, Deputy Prime Minister and Minister of Defence of Saudi Arabia and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to discuss multiple issues of common interest including economic and trade relations and bolstering cooperation in energy, infrastructure, transport, tourism, food security and technology.
"We have signed more than 20 agreements with our partners, worth a total of over US$3.3 billion," said Dmitriev. "In fact, all the agreements featuring specific values of the deals and precise investment plans were signed with the involvement of RDIF and our partners," he added.
Describing cooperation with the UAE and Mubadala's sovereign fund, the official said that the Mubadala fund has been a key partner for Russia since 2013. "Our joint fund, worth $7 billion, has become the largest source of investments from the UAE into the Russian economy."
"Together, we have already implemented or approved investments into more than 45 projects totaling more than $2 billion, in a very broad range of sectors: infrastructure, technologies, financial services, mining and processing, manufacturing, telecom, retail, petrochemicals, logistics, energy and much more," he explained.
"Mubadala is actively investing in the development of the Russian infrastructure, which includes participation in projects to build the third and fourth sections of the Central Ring Road, TsKAD," he noted.
He went on to say that together with investors from the UAE, "we are also integrating AI technologies within a whole range of portfolio companies. For example the automated x-ray analysis helps to early diagnose cancer in Oncology Centres in the Moscow region, while in ‘Mother and child’ clinics such technologies have helped to reduce the number of clinical errors six-fold."
According to Dmitriev, the last few years have seen a "far-reaching" transformation in Russian relations with the UAE and Saudi Arabia into a strategic partnership.
"Both visits [Putin's] resonated around the world, demonstrating the enhanced role that Russia plays in the region. Saudi Arabia and the United Arab Emirates are an important source of investment for the Russian economy."
