The UAE and Russia are bolstering their economic and strategic ties amid challenging global geopolitical conditions, with President Sheikh Mohamed's visit to Russia next week set to increase bilateral collaboration.
Sheikh Mohamed will hold talks with Russian President Vladimir Putin next week to review efforts to strengthen ties across sectors such as the economy, trade, investment, and energy, while also exploring regional and international issues of mutual concern, state news agency Wam reported.
Sheikh Mohamed will also participate in the 16th Brics summit in Kazan from October 22 to 24, marking the UAE’s first attendance as a member of the organisation after joining at the start of the year.
Economic ties between the two countries are steadily growing: total trade between the UAE and Russia amounted to $11.4 billion last year, according to the UAE Ministry of Industry and Advanced Technology.
UAE imports from Russia, led by pearls, precious stones and mineral products, stood at $6.64 billion. Its exports to Russia totalled $289.65 million in 2023, primarily consisting of vegetable products, food and drink, and wood pulp.
Re-exports, which involve goods that underwent further processing or manufacturing, reached $4.42 billion, with key products including machinery, minerals and textiles, the ministry said.
The Emirates is also Russia's leading investor and trade partner in the Middle East, Mr Putin said during talks with Sheikh Mohamed in December last year, according to the Russian presidential website. UAE investment in Russia’s non-oil sector increased by 103 per cent from 2022 to 2023, and overall trade increased by 67.7 per cent during that time.
In July, the UAE and Russia also signed agreements and initial pacts on industrial investments during the Innoprom global industrial exhibition in Yekaterinburg.
The UAE – the first Arab nation to partner with Innoprom – showcased some of its 2,000 locally made products at the event as part of its Make it in the Emirates initiative which aims to support the growth and sustainability of local businesses.
Russian Industry and Trade Minister Anton Alikhanov said his country is keen to finalise a free trade agreement with the UAE aimed at enhancing conditions for mutual trade.
“We anticipate the removal of excessive barriers to mutual trade in the near future. We are hopeful to conclude a preferential trade agreement within the coming months,” he said at Innoprom.
Building up Brics
The UAE’s participation at the Brics summit is expected to further strengthen bilateral ties, particularly in the context of continuing global realignments, including the growing prominence of the bloc, according to industry analysts.
The Brics intergovernmental organisation, whose founding members were Brazil, Russia, India, China and South Africa, aims to create greater economic co-ordination among its members.
Along with Saudi Arabia, Egypt, Iran and Ethiopia, the UAE was invited to be part of an expanded bloc in August 2023, before joining on January 1.
“It underscores the UAE's growing influence as a key player on the global stage, particularly in its ability to act as a bridge between East and West,” said Mazen Ismail, market research analyst at Dubai-based Naqdi Global. “The UAE’s strategic economic policies, diplomatic agility, and emphasis on diversification have positioned it as a natural partner for the Brics bloc.”
By collaborating with major economies such as China, India and Russia, the UAE is not only expanding its influence but also securing vital opportunities for its long-term economic growth and diversification strategy, Mr Ismail said.
Brics participation “enhances the UAE’s role in shaping global economic discussions, especially given the rising importance of emerging markets”, he said. “It allows the UAE to contribute to, and benefit from, the shifting global order where multipolarity is increasingly becoming the norm.”
Formally established in 2009, Brics was created to advance and promote the interests of the world's leading developing nations. It is considered by some as an alternative to the well-established G7 group of developed countries.
The bloc’s founders together account for more than 42 per cent of the global population and a third of the world’s economic output, according to the International Monetary Fund.
The UAE can play a vital role in south-south geo-economics as part of the expanded bloc of Brics countries, Minister of Economy Abdulla bin Touq told a panel discussion at the World Economic Forum in Davos in January.
“We are looking forward to infrastructure [development], we are looking forward to build bridges between nations and friends and colleagues around the Brics institution and looking forward as well to engaging on economic policies globally as well.”
Earlier this month, the UAE also participated in the second Brics Finance Ministers and Central Bank Governors meeting in Moscow.
The UAE's inclusion in the Brics group will also support its economic growth, said Naeem Aslam, chief investment officer at Zaye Capital Markets.
“Market players are highly optimistic about the UAE as a key regional hub, which bodes well for global market sentiment. The growing recognition and influence of the UAE as a leader is also boosting investor confidence, positioning the country as a key player in shaping economic trends and driving positive market outcomes,” he said.
The Brics group is expected to drive the majority of global economic growth in the coming years, thanks to its size and relatively faster expansion compared to developed Western nations, Mr Putin told a business forum in Moscow on Friday.
“The economic growth of Brics members will increasingly depend less on external influence or interference. This is essentially economic sovereignty,” he said.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
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