UAE-Russia Non-Energy Bilateral Trade Up 57%

The non-oil trade between the United Arab Emirates (UAE) and Russia increased by 57% during the first nine months of 2022, according to the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al-Zeyoudi. He stated on Wednesday (January 4) that non-oil foreign trade between Abu Dhabi and Moscow reached 20.2 billion dirhams (US$5.5 billion), during the first nine months of 2022.

Zeyoundi added that he had met with the President of Tatarstan, Rustam Minnikhanov, one of the most industrialised Russian republics to discuss ways to stimulate cooperation to broaden horizons. Turkmenistan recently set up a trade office in the region.

The UAE hosts more than 4,000 Russian companies, while Abu Dhabi owns 60 projects in Russia. The UAE is Russia’s largest Gulf trading partner, accounting for 55% of Russian-Gulf trade, while the UAE accounts for 90% of Moscow’s total investments in the Arab countries.

The growth in non-oil trade has been as a partial result of the Ukraine conflict, with many Russians moving to the UAE, and in the services sector, especially to Dubai, where they can find relatively easy corporate establishment procedures, work visa programmes and low taxes. Russian is now the second-most spoken language after English in Dubai.

Opportunities exist in Dubai for Russian financial services, education, tourism, import-export and numerous other related activities.

Russian nationals and businesses requiring assistance with establishing a presence in Dubai may contact Maria Kotova of Dezan Shira & Associates at dubai@dezshira.com

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