MBZ, Putin agree on economic pact, noting investment disparity

UAE President Sheikh Mohamed bin Zayed wrapped up a two-day visit to Moscow on Friday with the signing of an economic cooperation deal after Russian President Vladimir Putin remarked on the imbalance of investment between the two countries.

The agreement signed at the Kremlin aims to boost UAE-Russian trade in a range of fields, including fintech, healthcare, transportation, logistics, and professional services, according to the Emirates News Agency.

In remarks at the opening of his meeting with Putin, the UAE leader drew attention to the UAE’s $11.5 billion in bilateral trade with Russia, as well as the $30 billion with the Eurasian Economic Union, a regional group that includes Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia.

“We would like these results to double within the next five years,” Sheikh Mohamed said.

Putin pointed to growing cooperation between Russian and UAE sovereign wealth funds and said, “We keep a close eye on this sector, which has been delivering tangible results.”

Still, the Russian leader suggested some changes are due. “Let me note that so far, Russia has been investing significantly more in the United Arab Emirates than vice versa,” he said. “In fact, our investment is almost double the amount invested by the UAE here.”

Putin also spoke about plans for a summit meeting with U.S. President Donald Trump and said the UAE is being considered as the location. Trump has suggested Saudi Arabia for the site of the talks.

Saudi Arabia’s Crown Prince Mohammed Bin Salman, meanwhile, appears to be planning a trip to Washington in November for a White House meeting with President Donald Trump, Bloomberg reports.

When the Trump visited Saudi Arabia in May, the Prince pledged to invest at least $600 billion in the U.S., amid coaxing by the American leader to boost the figure to $1 trillion.

MBZ meets Putin amid tensions between Moscow and Washington

UAE President Sheikh Mohamed bin Zayed arrived in Moscow on Thursday and went directly to the Kremlin to meet with Russian President Vladimir Putin.

The Emirati leader was greeted by an honor guard at Vnukovo Airport after his plane was escorted by military aircraft once it entered Russian airspace.

Inside the Kremlin, the UAE President, often referred to as MBZ, walked down a long hall past Russian cabinet ministers, military commanders and government officials. He clasped hands with Putin before the two leaders began a series of diplomatic meetings.

The MBZ trip to Russia follows U.S. President Donald Trump’s visit to the Gulf in May and comes amid rising tensions between Moscow and Washington. The UAE pledged to invest $1.4 trillion in the U.S. economy over the next decade, focusing on defense contracts and artificial intelligence.

According to the Emirates News Agency, the Russian and Emirati leaders planned to discuss “various aspects of the strategic partnership between the two countries and ways to enhance cooperation, particularly in the economic, trade, investment, energy, and other areas that serve joint development, in addition to regional and international issues of common interest.”

Accompanying the UAE President was a delegation that included Sheikh Hamdan bin Mohamed bin Zayed, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoon, Advisor to the UAE President; and Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and CEO of the ADNOC national oil company.

Also traveling to Moscow were Dr. Thani Al Zeyoudi, Minister of Foreign Trade; Mohamed Hassan Al Suwaidi, Minister of Investment; and Ali Al Shamsi, Secretary-General of the Supreme Council for National Security.