UAE-Russia’s virtual forum explores trade, investment opportunities

By Ashika Rajan, Trainee Reporter
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Dubai Chamber
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Dubai Chamber of Commerce and Industry, in cooperation with the Russian-UAE Business Council and the Chamber of Commerce and Industry of the Russian Federation, has recently hosted a virtual forum to examine high-potential bilateral trade and investment opportunities across ICT, technology, and innovation.

The virtual forum which was part of its newly launched Dubai Global Partnership Series, explored new avenues of economic cooperation between the Emirate and Russia, featuring 150 participants from 12 countries.

Speakers included Mr. Hamad Buamim, President and CEO of Dubai Chamber; Mr. Maxim Fateev, Vice President of the Chamber of Commerce and Industry of the Russian Federation; Mr. Alexei Busev, Executive Director of the Russian-UAE Business Council and representative of the Moscow Chamber of Commerce and Industry; Mr. Ammar Al Malik, Managing Director of Dubai Internet City; Mr. Hans Henrik Christensen, Vice President of the Dubai Technology Entrepreneurship Campus; Mr. Evgeniy Borisov, Deputy Director of the Russian Internet Initiatives Development Fund, and Mr. Omar Khan, Director of International Offices at Dubai Chamber.

During his opening speech, Mr. Buamim, President and CEO of Dubai Chamber highlighted the UAE-Russia relations which are developing across numerous industries and described the formation of the Russian-Emirati Business Council as a clear indicator of rising interest on both sides to take trade ties to a higher level.

Mr. Buamim stated that the non-oil trade between Dubai and Russia has grown significantly in recent years, to reach $2.09 billion in 2020, a good trend supported by developments, such as high-level visits, the easing of visa requirements, and the signing of strategic cooperation agreements.

The UAE and Russian economies share many synergies, including their strong focus on fostering innovation, economic diversification, global trade, and foreign investment. Dubai, like Russia, is undergoing a rapid digital transformation fueled by COVID-19, while investing heavily in its smart city vision and Fourth Industrial Revolution technologies, Mr. Buamim stated, who also noted that Russia’s information technology outsourcing industry offers plenty of opportunities for cooperation with the UAE.

The forum concluded with a panel discussion that examined Dubai’s role as a favored business hub for high-tech companies from Russia, major sectors of common interest for Russian and UAE companies and investors, and practical advice on how companies can enter Dubai and Russian markets.

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