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.