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

-



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.

Comments

Post a Comment

Popular posts from this blog

A UAE Commitment of 5 GW to a Sustainable Future

-
Image
  Masdar is preparing to build a 150-megawatt solar power project in Angola, with the capacity to power 90,000 homes, as part of its ambitious goal. This project, launched during the COP28 climate summit, demonstrates the UAE's commitment to global renewable energy initiatives. Angola's Ministry of Energy and Water and Masdar have entered into a concession deal to build and operate the ground-mounted solar power facility in the Quipungo region in southern Angola. While financial details are being withheld, the initiative is intended to greatly contribute to economic growth, job creation, and overall sustainable development in the region. Truly Masdar's commitment goes beyond Angola, with ambitions to build 5 gigatonnes of renewable energy projects in Angola, Uganda, and Zambia. This pan-African vision is consistent with Masdar's goal of establishing Africa as a renewable energy powerhouse.  Align with COP28 President Sultan Al Jaber said and emphasized Africa's rene
Read more

A Powerful Ally in the Fight Against Climate Change

-
Image
  This year's COP28 summit in Dubai drew several significant personalities, including India's Prime Minister Narendra Modi and Britain's Prime Minister Rishi Sunak. Their participation demonstrates a shared commitment to addressing the serious issue of climate change. Leaders from the United States and China were noticeably absent, reflecting the delicate geopolitical situation around climate negotiations.     This summit, King Charles of the United Kingdom (UK) traveled to the United Arab Emirates (UAE) to urge for increased efforts to tackle climate change at the COP28 summit. The visit emphasizes the growing significance of international cooperation in solving the critical climate challenge. King Charles, well-known for his environmental activism, delivered a landmark statement at the United Nations. Climate talks in Dubai emphasized the importance of global accountability and action.  I've seen joint efforts between the UAE and the UK, as evidenced by King Charle
Read more

The UAE's Positive Role in Facilitating Prisoner Exchange: A Peace and Humanitarian Aid Beacon

-
Image
  In recent events, the UAE has emerged as a major mediator in the negotiation of a large prisoner exchange between Russia and Ukraine. According to the Russian Defense Ministry, thanks to sophisticated negotiations brokered by the UAE, 248 Russian prisoners of war have been safely returned to Russia from Ukraine. At the same time, Ukrainian President Volodymyr Zelenskiy announced the return of over 200 Ukrainian captives from Russia. The negotiations emphasizes the significance of abiding to international humanitarian law, which outlaws hostage-taking and describes the rights and safeguards granted to prisoners throughout hostilities. The UAE's leadership was instrumental in mediating the delicate discussions that resulted in the effective exchange of prisoners. This diplomatic achievement demonstrates the UAE's commitment to promote peace and conflict resolution on the global stage. The country's authorities have long called for dialogue and peaceful resolutions to globa
Read more