The sovereign funds of Russia and the United Arab Emirates (UAE) are expected to sign 10 investment deals worth over 1.3 billion U.S. dollars during President Vladimir Putin's state visit to the UAE.
Russia's President Vladimir Putin (L) and Crown Prince Mohammed bin Zayed Al Nahyan of the Emirate of Abu Dhabi shake hands during a meeting at the Qasr Al Watan presidential palace, Abu Dhabi, UAE, October 15, 2019. [Photo: TASS/IC/Mikhail Metzel]
The Russian Direct Investment Fund (RDIF) said Tuesday that the deals with its UAE counterpart, Mubadala Investment Company, will cover areas such as high technology, healthcare, oil and gas, logistics and industrial production.
During Putin's visit, the two sovereign funds will also organize a meeting of business leaders from the two countries on expanding cooperation and implementing joint projects and prepare an exhibition on investment cooperation, the RDIF said in a statement.
During six years of successful cooperation between the two sides, investments worth more than 2 billion dollars have been made and approved for more than 45 projects, it said.
Russia and the UAE are successfully developing partnerships in trade, energy, industry, tourism, and even in specialized fields such as training cosmonauts, the statement quoted RDIF CEO Kirill Dmitriev as saying.
Hazza Al Mansouri became the first UAE astronaut to take part in a mission at the International Space Station (ISS) from Sept. 25 to Oct. 3.