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.