Russia and UAE Aim to Surpass $10 Billion in Annual Trade by 2024

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The trade volume between Russia and the United Arab Emirates is projected to surpass $10 billion annually by 2024. According to Sergey Gorkov of the Russia-UAE Business Council, this would more than double current trade levels.

At a recent economic forum, Gorkov said numerous Russian companies have expanded into key UAE sectors like IT, pharma, manufacturing, energy and petrochemicals. Bilateral political and economic ties have deepened in recent years across many industries.

In 2021 Russian exports to the UAE totaled around $4 billion, including wheat, fertilizers and machinery. Major UAE imports from Russia include petrochemicals and construction materials.

Hitting $10 billion in trade within two years would signify the growing strength of the economic relationship. It shows how cooperation is broadening across high value industries. Both governments and businesses will need to jointly pursue closer supply chain and market relationships. Russia and the UAE will become each other's largest trading partners in the $10 billion range by 2024, which will be a major milestone in their partnership. This shows their commitment to further strengthen economic ties.

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