Trade turnover between Russia and the United Arab Emirates (UAE) has grown to $9 billion in 2022, Deputy Prime Minister and Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov said on the sidelines of the IDEX 2023 exhibition in Abu Dhabi.
“According to our data, in 2022 the trade turnover between Russia and the UAE grew by 68% and reached $9 billion. This is a record level in the history of relations between our countries,” said Mr. Manturov (quoted by TASS).
The UAE was in first place among the countries of the Arab world in terms of trade with the Russian Federation, the Deputy Prime Minister added.
The international exhibition of arms IDEX-2023 in Abu Dhabi opened on February 20. Enterprises of the defense industry complex of the Russian Federation presented more than 200 samples of weapons, equipment, ammunition and equipment. Deputy Prime Minister and head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov visited the exhibition and said that the military operation in Ukraine had increased interest in Russian weapons.
Earlier, several Russian banks presented deposit products in UAE dirhams. The Russian authorities, meanwhile, announced changes to the tax agreement with the UAE. Against the background of the conflict in Ukraine, the United Arab Emirates has become one of the key areas for the relocation of Russian business.
Read more regarding the opportunities and challenges faced by entrepreneurs in Dubai in the material “Oh, Dubayushka, let’s go.”