Sharjah-Russia business forum explores ways to boost relations - GulfToday

Sharjah-Russia business forum explores ways to boost relations


The Chamber briefed the Russian trade mission on Sharjah’s business advantages.

Gulf Today, Staff Reporter

The Sharjah Chamber of Commerce and Industry (SCCI) has organised the “Sharjah-Russia business forum” to discuss ways to boost economic ties and deepen commercial collaboration with Russian business community.

During the meeting, the chamber briefed the Russian trade mission on Sharjah’s business advantages and facilities as well as on the investment opportunities available in various economic sectors. The forum also witnessed bilateral meetings between business owners from the two sides to exchange experiences and explore new avenues to advance their collaboration.

Abdulaziz Mohammed Shattaf, Assistant Director-General of the Communication and Business Sector at the Sharjah Chamber, Ibrahim Rashid Al Jarwan, Director of the Economic Relations and Marketing Department, SCCI, and Maksim Zagornov, Business Ambassador of Business Russia to the UAE, attended the meeting. Also present were a number of businessmen, investors, and representatives of the local business community.

Abdulaziz Shattaf stressed that the business relations between the UAE and Russia are rapidly growing across various fields, something which has had a significant impact on the volume of trade exchange that reached Dhs 12 billion in 2021, an increase of 116%.

“The UAE accounts for 55% of the total Russian-Gulf trade, and holds 90% of Russia’s total investments in the Arab countries. Additionally, 80% of the total Arab investments in Russia are made by the UAE, while Russian exports to the UAE amounted to Dhs10.6 billion. Also, Emirati exports to Russia increased by almost 40% to Dhs 1.46 billion,” Shattaf said.

He went on to say that the mutual economic cooperation covers different strategic sectors, including renewable energy, space, modern technology, the Fourth Industrial Revolution, food security, infrastructure, petrochemicals, ports, and aviation.

For his part, Maksim Zagornov said that the Russian Business Council has over 7,000 companies and more than 3 million members. Due to Sharjah’s ease of doing business and its secure and suitable environment for all investments, regardless of their size and expertise, all of these enterprises, which generate an annual profit return of around $30 million, have a strong desire to explore investment prospects in the UAE in general and Sharjah in particular.

During the event, Lamia Al Jasmi, Head of the Exporters’ Service and Markets Department, SCCI, delivered a presentation outlining the role and key services provided by the Sharjah Exports Development Center.

Al Jasmi pointed out that the center, via a range of services it offers to boost industrial and exporting businesses, plays a key role in producing an optimal atmosphere that supports and develops local exports.

The Sharjah Airport Free Zone (SAIF Zone) also took part in the gathering where the free zone’s representative, Anoop Warrier, briefed the delegates on the advantages and logistical services provided by SAIF Zone for investors, including 100% foreign ownership of businesses, 100% repatriation of capital and profits, and 100% corporate or personal income tax exemptions, 100% import and export tax exemptions, fast-issuance of licenses (within an hour), warehouses of different sizes, plots of lands, leasable furnished offices, and above all, strategic location.

Meanwhile, FURA Gems, a leading global mining company of colored gemstones, has officially inaugurated its new facility at the Sharjah Airport International Free Zone (SAIF Zone)’s Gold, Diamonds and Commodities Park, a full-fledged and highly specialized jewellery manufacturing unit.

The global mining company announced it is expanding its operations in three warehouses, comprising a 12,000 sq ft area, with the new facility seen as the cornerstone of FURA’s regional and global expansion plans and a base for growth from the Sharjah Airport International Free Zone.

The new facility, which hires a highly qualified team with extensive experience in sorting and grading gemstones according to colour, clarity, and size, was opened by HE Saud Salim Al Mazrouei, Director of Sharjah Airport International Free Zone Authority, and Dev Shetty, Founder and CEO of FURA Gems, in the presence of senior officials from both sides.

Accompanied by a number of SAIF Zone officials, Al Mazrouei toured the newly inaugurated grading plant and was briefed on the process of mining precious gemstones, emeralds, rubies, and sapphires from Colombia, Mozambique, and Australia, in addition to the grading process of rough gemstones before being offered for sale to prospective customers.

Commenting on the occasion, Al Mazrouei said: “Having a leading company like “FURA Gems” joining SAIF Zone is yet another testament to the success of our strategy aiming to make the Emirate of Sharjah a global center for gemstones, diamonds, and gold through the Gold, Diamonds and Commodities Park, which offers world-class infrastructure that perfectly meets the needs of businesses looking forward to expanding their operations into one of the most important markets in the world.”

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