In six years of cooperation more than US$2 billion in investments have been signed between the two nations funding more than 45 projects.
Russian President Vladimir Putin concludes a tour at the United Arab Emirates where he signed trade agreements worth more than US$1.3 billion in Abu Dhabi.
One day after signing a major oil agreement with Saudi Arabia during a visit to Riyadh, Putin was met Tuesday at the airport by Abu Dhabi's Crown Prince Mohammed bin Zayed Al Nahyan.
The Crown Prince and the Russian President signed 10 agreements, including one on shared investments between the Russian Direct Investment Fund (RDIF) and the UAE investment fund, Mubadala.
According to the RDIF statement, "10 investment agreements worth over 1,300 million dollars will be signed in sectors such as advanced technologies, health, logistics and industrial production" between the two nations.
During six years of cooperation between Russia and the UAE wealth funds, more than US$2 billion of investments covering more than 45 projects have been approved, the statement said.
"This historic visit reflects the strength of relations between the UAE and Russia, which we will continue to jointly promote at all levels for the mutual benefit of our nations," said the Crown Prince of Abu Dhabi during the Tuesday meeting.
In addition, during Putin's visit, businessmen from both countries will discuss new opportunities for joint projects.
"Russia and the United Arab Emirates have a lot to offer each other through technology and investment exchanges. The Russian president's visit will help maintain intense business contacts in various areas of bilateral cooperation," said RDFI CEO Kiril Dmítriev. The RDFI will also open its first off in Saudi Arabia, the chief announced.
"We will inaugurate our first representative office in Saudi Arabia. It will begin work on October 14th,” said Dmitriev on Monday, according to 7DNews.