UAE-Russia non-oil trade reaches $14bn with 36% YoY growth in 2018
More than 3,000 Russian companies are operating in the UAE sectors such as real estate, manufacturing, trade, and telecoms
The value of non-oil trade between the UAE and Russia reached $14.1bn (AED51.8bn) in the last five years, with the value reaching $3.4bn (AED12.5bn) in 2018, marking year-on-year (YoY) growth of 36% over 2017's corresponding value of $2.5bn (AED9.2bn), according to undersecretary at the UAE's Ministry of Economy for Foreign Trade Affairs, Abdullah Al Saleh.
Speaking to state news agency, Wam, Al Saleh said that more than 3,000 Russian companies were operating in the UAE, mainly in sectors such as real estate, manufacturing, trade, and telecoms, with 576 trademarks and 25 registered commercial agencies.
Al Saleh said that Russian investments in the UAE exceed $2bn (AED7.3bn), while the UAE is the top GCC country investing into Russia in terms of foreign direct inflows (FDI), driven by agreements in the areas of infrastructure, transport, vehicle manufacturing, petrochemicals, and scientific research.