RIYADH: Economic ties between the UAE and Russia are set to strengthen after senior ministers met in Dubai to advance cooperation across investment, energy and other new economy sectors. 

UAE Minister of Economy and Tourism Abdulla bin Touq Al-Marri and Russia’s Minister of Industry and Trade Anton Alikhanov co-chaired the 12th session of the UAE–Russia Joint Governmental Committee, bringing together representatives from both government and private-sector entities, the Emirates News Agency, also known as WAM, reported. 

This follows UAE President Sheikh Mohamed bin Zayed Al-Nahyan’s visit to Moscow in August, where he and Russian President Vladimir Putin discussed deepening bilateral relations and witnessed the signing of agreements aimed at strengthening economic cooperation. 

Trade between the two countries has continued to expand despite global economic uncertainty, with bilateral turnover reaching a record $10.2 billion in 2023 before easing to $10 billion in 2024. 

Al-Marri said: “The current session of the committee represents a new step toward building fruitful partnerships between the business communities and the private sector in the two countries, enhancing cooperation and providing support to entrepreneurs from both sides, which contributes to the growth and sustainability of their economies.” 

He added: “In our cooperation, we focus on the new economy sectors and priority areas, in order to achieve mutual benefit for the two countries.” 

The  highlighted the committee’s key role in identifying promising opportunities within the business environments of both countries. 

The minister also outlined the advantages offered by the UAE’s business landscape, including flexible economic regulations that permit 100 percent foreign ownership and a modern, supportive climate that facilitates more than 2,000 economic activities. 

The committee’s agenda featured discussions on action plans and cooperation mechanisms across sectors, including investment, energy, industry and innovation, and food security and agriculture. It also covered education, transport and logistics, tourism, sports and culture, as well as environmental sustainability, health care and other areas. 

Both sides agreed to maintain joint efforts to develop new frameworks for economic collaboration in key sectors and to support entrepreneurs from both countries, aiming to elevate cooperation to broader levels.