Eastern calculation: the UAE intends to double trade with Russia in five years

The United Arab Emirates may become a venue for a future meeting between Vladimir Putin and Donald Trump, which is scheduled to take place "in the coming days." At a meeting with UAE President Mohammed Al Nahyan, the Russian leader called his country one of the most suitable places for dialogue between Russia and the United States. Meanwhile, Moscow and Abu Dhabi have confirmed their mutual interest in cooperation. The trade turnover between the two countries has already reached $11.5 billion, and it is planned to double it in the next five years. At the same time, Russian investments in the Emirates are almost two times higher than those in Russia. How to change this and what agreements the countries have concluded can be found in the Izvestia article.

High-level delegation to the Kremlin

On August 7, a delegation led by UAE President Mohammed bin Zeid Al Nahyan arrived in the Russian capital. This is his fourth visit to Russia since 2022.

— I am very glad to be here today, Mr. President, with the delegation accompanying me. We always strive to strengthen the bridges between our countries. We thank you for your hospitality and hope that this visit will bring positive and joyful results for the Russian and Emirati peoples," said Mohammed bin Zeid Al Nahyan.

Russia attaches special importance to relations with the United Arab Emirates, as it is a friendly state for Moscow, Vladimir Putin said. Moreover, this is also noted at the level of citizens: the tourist flow between the countries is actively growing. Thus, the number of trips by Russians to the UAE in 2024 increased by 13.4% compared to 2023 and amounted to 1.47 million. And the number of Emiratis who visited Russia increased by 54% and reached 67 thousand, which is the highest figure among the countries of the Persian Gulf.

Mutual investments of the Russian Federation and the UAE

Relations between Moscow and Abu Dhabi have been developing at an accelerated pace in recent years, said Mohammed bin Zeid Al Nahyan. According to his estimates, the trade turnover between Russia and the Emirates has reached $11.5 billion, and with the countries of Eurasia — $30 billion.

—We would like this figure to double in the next five years, both in terms of direct relations between our countries and in relations with Eurasian countries," the UAE president said.

By the way, the UAE previously signed an agreement with the EAEU providing for the abolition of 85% of duties and customs positions on a large number of commodity items.

Vladimir Putin confirmed the development of economic ties in the fields of trade and investment. He noted that mutual investments are indeed growing, but Russian investments in the UAE are almost twice as high as Emirati investments in the Russian Federation. At the meeting, the countries signed two new agreements in the field of investment and transport.

RDIF, together with sovereign wealth funds and other investors from the Emirates, has already made more than 60 investments in leading Russian companies in the infrastructure, technology, and agricultural sectors, said Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) and special representative of the President of Russia for investment and economic cooperation with foreign countries.

— We will continue to actively increase investments together with the Emirati side, including in the technology sector and the medical sector. We see that the Emirates have not only supported our Sputnik vaccine, but are also open to having many of our medicines manufactured and certified in the UAE," he told reporters.

Geopolitics and dialogue on equal terms

The UAE president's visit to Russia reflects the growing awareness of the Arab states of the need to build a multipolar foreign policy based on their own interests, and not on externally imposed guidelines, said Omani political analyst Khamis Al-Kutaiti.

— Today, Russia is extending a hand to its Arab partners, and the UAE, as one of the leading powers in the region, correctly perceives this gesture not as a tactical one, but as a strategic one. Moscow offers a dialogue on equal terms — without pressure, sanctions and ultimatums, which distinguishes it from the Western model of interaction based on hegemony and interference," the expert told Izvestia.

Separately, Vladimir Putin noted the good level of cooperation with the UAE in the fields of education and culture. For example, in the UAE, they showed interest in the work of the Sirius center for gifted children — members of the president's family came and got acquainted with how work was going there. Mohammed bin Zeid Al Nahyan himself attended the E.M. Primakov Regional Gymnasium, where the Sheikha Fatima Center for International Cooperation with the UAE was opened. "I really hope that this area of our cooperation will, of course, develop," Vladimir Putin said.

What was discussed in the closed part of the negotiations

It is noteworthy that the negotiations are taking place against the background of news about a meeting between Vladimir Putin and Donald Trump, which may take place "in the coming days," as well as Washington's threats of new sanctions against Moscow and secondary sanctions against countries that continue to buy Russian oil. It is possible that these topics could also become the subject of discussion in the closed part of the meeting.

It is known that the venue of the talks between the Russian and American leaders has already been agreed, but it will be announced later. Earlier, the Saudi Arabia's site, Riyadh, was considered for the summit, where the first Russian—American talks took place after the outbreak of the conflict in Ukraine, which became preparations for a larger summit with the participation of the presidents of the United States and Russia. However, Vladimir Putin himself answered the question about the meeting place.

— We have many friends who are ready to help us organize events of this kind. One of my friends is the President of the United Arab Emirates. I think we will decide, but this would be one of the appropriate, quite suitable places," Vladimir Putin stressed.

It is known that in the closed part, the leaders discussed topical issues on the international agenda, including the situation in the Middle East and the situation in the Palestinian-Israeli conflict zone. The positions of Russia and the UAE on most issues coincide: both countries advocate the settlement of the conflict through political and diplomatic means and the creation of two independent states.

— Of course, it is very important for us to exchange views with you today on the situation in the region and in the field of international security. We are actively cooperating on various platforms, starting with the United Nations, and you have recently joined the BRICS in a full—scale format," Vladimir Putin said.

Today, one of the key fundamental issues for the Arab world remains the search for a solution on Gas, Elena Melkumyan, a leading researcher at the Institute of Oriental Studies of the Russian Academy of Sciences, told Izvestia. The Emirates are interested in supporting their plans in the Middle East, so it is important to them what exactly Russia can do to ensure that these plans are implemented in the form in which they suit Arab countries. The expert admits that the UAE is probing what opportunities Russia has, or even trying to persuade Moscow to put more pressure on Iran so that Tehran pursues a more compromise policy.