Abu Dhabi and Russia explore cooperation in energy sectors
Top officials during the meeting.
The Chairman of the Abu Dhabi DoE, Awaidha Murshed Al Marar, met with Russian Minister of Energy, Alexander Valentinovich Novak, to discuss opportunities for collaboration on the sidelines of Russian President Vladimir Putin’s visit to the UAE.
Al Marar greeted the Russian Minister, underlining the importance of the special partnership that brings the two countries together. Both countries are committed to consistently strengthening and developing their relations, be it through official visits, partnership agreements, or the strategic cooperation committees that bring the UAE and Russia closer in various sectors, chiefly, energy, which is of tremendous importance for both parties.
“The Abu Dhabi Department of Energy (DoE) is committed to enhancing its regional and international partnerships in order to empower the emirate’s energy sector to achieve its strategic objectives and steer Abu Dhabi towards more efficiency and eco-friendliness,” added. “We are confident that the close collaboration between Abu Dhabi and Russia offers added value, boosting DoE’s drive towards achieving its goals.”
The DoE Chairman presented a summary of the developments that the sector has witnessed in recent years, highlighting DoE’s role in driving and catalysing the energy sector’s transformation, as well as its precautions to ensure supply chain security, and sustainable economic and social development in Abu Dhabi and the UAE.
The Russian delegation explored the strategic projects Abu Dhabi has launched in the renewable energy sector, such as the Barakah Nuclear Power Plant, Noor Abu Dhabi Solar Power Plant, and the Al Dhafra solar project.
The discussion delved into the logistics of cooperating, exploring how the emirate can benefit from Russia’s capabilities and qualified workforce in the sector to train local professionals and develop their administrative, technical, and operational skills.
Meanwhile the Dubai external trade with Russia has witnessed rapid growth in the past few years, from Dhs5.5 billion in 2016 to Dhs7.38 billion in 2017 (37 per cent) and in 2018 it made Dhs9.21 billion, a 25 per cent increase compared to 2017.
The figures show a 67 per cent growth in two years from 2016 to 2018. Trade with Russia in the first six months of 2019 reached Dhs4.55 billion.
Statistics, released by Dubai Customs in conjunction with the landmark visit of the Russian President, Vladimir Putin, to the UAE, showed that major commodities between the two sides were diamonds, gold, phones, cigars and vehicle spare parts.
“Dubai trade with Russia is gaining more weight and momentum reflecting a developed and healthy economic ties between the two countries,” said Ahmed Mahboob Musabih, Director General of Dubai Customs.
“We work hard to ensure best services and facilities are provided to Russian businesses and companies. There are more than 3,000 Russian companies in the country and we go above and beyond to support mutual trade in fulfilment of the directives and wise vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. We look forward to more cooperation with Russian diplomatic missions and companies in the forthcoming period, especially with the advent of Expo 2020.”
Musabih pointed out that the Russian economy is growing fast and this unleashes a host of investment opportunities that will benefit the peoples of the two countries.
Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, said recently that the value of non-oil trade between the UAE and Russia over the past five years amounted to $14.1 billion, while last year’s non-oil trade totalled $3.4 billion, compared to $2.5 billion in 2017, a growth of 36 per cent.
Al Saleh stated that bilateral and economic ties between the UAE and Russia have witnessed significant overall growth, under the framework of their comprehensive strategic partnership announced last year. He added that over 3,000 Russian companies are currently operating in the UAE, mainly in real estate, trade, manufacturing and telecoms, along with 576 trademarks and 25 registered commercial agencies.
Russia is a promising destination for Emirati investments, he stressed, noting that the UAE is ranked first among Gulf Cooperation Council countries, GCC, in terms of foreign direct investment, FDI flow in Russia, while Russian investments in the UAE exceed $2 billion.
WAM/Agencies
