Abu Dhabi will invest up to US$5 billion in Russian infrastructure projects under an investment partnership signed in Moscow on Thursday.
The two sides will agree on the structure of the projects in final agreements expected by the end of the year.
The announcement came as Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met Russian president Vladimir Putin to discuss bilateral ties.
"The signing of this memorandum and our commitment to an investment of up to $5bn reflects our belief in the returns that can be derived from this investment in the Russian infrastructure, said Hamad Al Hurr Al Suwaidi, chairman of the Department of Finance, the state news agency Wam reported.
"We expect a very fruitful partnership through the exchange of expertise with the Russian Direct Investment Fund."
The deal was signed by the Department of Finance and the Russian fund.
The UAE also intends "to obtain a rewarding return on invested capital, enhance the growth of two-way investment and promote Emirati-Russian cooperation, and identify other investment opportunities for both parties", Wam reported.
Sheikh Mohammed discussed ways to support and promote cooperation between the two countries in light of their outstanding ties of friendship and common interests.
The discussions took place as Mr Putin received the Crown Prince at Novo-Ogaryovo, the state residence of the president.
At the meeting, which was also attended by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, the two sides also discussed existing cooperation and the importance of enhancing and promoting them to fulfil the aspirations of the two countries and their people.
Both sides also showed interest in exchanging experience and expertise to develop the economic, investment, industrial and energy sectors.
The leaders also discussed views and opinions on the current developments in the Arabian Gulf region and the Middle East.
After their meeting, Mr Putin hosted a lunch banquet in honour of Sheikh Mohammed and his delegation.
anwar@thenational.ae
