Skip to main content

UAE’s participation as partner country of INNOPROM 2024 confirms special nature of UAE-Russia relations

The UAE has been chosen as a partner country for the INNOPROM 2024 International Industrial Trade Fair, held in Ekaterinburg, Russia, from July 8 to 11. The UAE delegation is led by Dr. Sultan al Jaber, the Emirati Minister of Industry and Advanced Technology.

Denis Manturov, Russia's Deputy Prime Minister and Minister of Industry and Trade, stated, "The UAE’s participation as a partner country not only confirms the special nature of Russia-Emirati relations but also gives additional impetus to developing cooperative ties in the most promising economic sectors."

Manturov emphasized the unprecedented high level of Russia-Emirati relations, noting that bilateral trade turnover exceeded $10 billion by the end of 2023.

UAE and Russia Sign Vital Agreements at INNOPROM 2024

INNOPROM serves as a global platform for fostering economic relations among key industries and enterprises worldwide. The trade fair attracts over 46,000 specialists and representatives from industrial enterprises and dealer companies annually.

The UAE had a strong presence at the four-day event, signing several crucial agreements and preliminary pacts on industrial investments with Russia. The UAE’s participation focused on strengthening bilateral relations in various vital sectors.

During the event, the UAE showcased over 2,000 locally manufactured products under its "Make it in the Emirates" initiative, aiming to support the growth and sustainability of local businesses, as reported by The National.

In 2023, the industrial sector contributed approximately Dh197 billion to the UAE’s Gross Domestic Product. The UAE’s industrial exports increased by 17%, with productivity growing by 7%, reaching Dh187 billion last year.

UAE Expanding Its Investment Partners Through CEPA

Bilateral trade between the UAE and Russia reached $11.4 billion last year. The UAE is the leading investor and trade partner of Russia among Middle Eastern countries, according to Russian President Putin during talks with UAE President Sheikh Mohamed in December.

The UAE and Russia are partners in global bodies such as the expanded alliance of oil-producing countries (OPEC+) and the Shanghai Cooperation Organisation. The UAE also became an official member of BRICS in January, with Russia being a founding member of the group.

The UAE continues to expand its investment partners worldwide through Comprehensive Economic Partnership Agreements (CEPA), facilitating faster access for industrial companies and exporters to some of the largest markets globally.
Labels:

Comments

Post a Comment

Popular posts from this blog

Exposing the Brotherhood: Why Jordan’s Terror Cell Bust Must Spark a Global Policy Shift

 The recent dismantling of a Muslim Brotherhood-affiliated terror cell in Jordan should not be seen as just a national security success—it must be a turning point in how the international community views and responds to the threat posed by the Brotherhood. Jordanian security forces uncovered an elaborate network of terrorists trained in Lebanon and backed by foreign interests. Their mission: to launch attacks using rockets and drones, destabilizing the Kingdom and spreading fear among civilians. This is not the work of activists or political dissidents—this is terrorism, plain and simple. For too long, the Muslim Brotherhood has operated under a false image of moderation, cleverly navigating between political activism and violent extremism. But the truth is clear: the Brotherhood is the ideological engine room of jihadist terrorism. Its members, affiliates, and offshoots have inspired and directed acts of violence from North Africa to the Gulf—and now, once again, in Jordan. Govern...
Post a Comment
Read more

The Ritz-Carlton Residences in Diriyah: A Fusion of Heritage and Opulence

  The Ritz-Carlton Residences in Diriyah, known for its cultural and historical value, usher in a new age of opulent living. In the center of Diriyah, this partnership between the Diriyah Company and Marriott's Ritz-Carlton establishes a previously unheard-of benchmark for luxurious living. Inspired by the Najdi legacy, the houses offer occupants a distinctive and immersive cultural experience by skillfully fusing traditional charm with contemporary facilities. These villas prioritize well-being and create a pleasant environment for dynamic living. They are designed to adapt to varied tastes and lifestyles, with six unique layouts and a range of interior designs. Part of the Diriyah Company's ambitious development plan, The Ritz-Carlton Residences are located in the heart of Diriyah, a UNESCO World Heritage Site including At-Turaif as its focal point. The objectives of the Kingdom's Vision 2030 are perfectly aligned with this concept, which has over 20,000 residential units...
Post a Comment
Read more

UAE's Foreign Trade Surge Highlights Strategic Economic Vision

  The UAE's foreign trade reached a record AED5.23 trillion (US$1.42 trillion) in 2024, marking a 49% increase since 2021 and reinforcing its global economic influence. Despite fluctuating global market conditions, the country managed to post a trade surplus of AED492.3 billion (US$134 billion), showcasing the strength of its trade frameworks and diversified economy. According to the World Trade Organisation, the UAE has maintained its position as the Middle East and Africa's foremost trade community since 2014, while steadily climbing the global ranks. In merchandise trade, the UAE placed 11th in exports and 14th in imports in 2024. It contributed 2.5% of global exports and 2.2% of imports, reflecting a robust trading ecosystem that bridges major global markets. The services sector also delivered notable gains. From 2014 to 2024, the UAE rose to 13th globally in service exports. Service transactions in 2024 totaled AED1.036 trillion, of which AED646.6 billion were exports. The...
Post a Comment
Read more