UAE-based Abu Dhabi Ports has signed a memorandum of understanding (MoU) with the Russian Trade and Economic Development Council to boost trade links between the countries and to facilitate further economic cooperation between companies from both countries.
The deal also aims to increase awareness among Russian companies about investing in UAE’s Khalifa Industrial Zone Abu Dhabi (KIZAD) and Khalifa Port Free Trade Zone (KPFTZ).
KIZAD is situated near Khalifa Port in Abu Dhabi and is an integrated trade, logistics and industrial hub of the country. It is a subsidiary of Abu Dhabi Ports and offers multimodal connectivity via sea, air, road and rail networks.
KPFTZ is situated within KIZAD and covers a total area of 100km. It provides free zone services to help reduce capital expenditure and setup costs for companies.
Russian Trade and Economic Development Council regional representative Dr Igor Egorov said: “Over the years, we have witnessed the UAE and Russian relationship grow.
“Since 2014, Russian foreign trade of non-oil products, in particular food and grains, have grown globally.
“The UAE plays a vital role as gateway for Russian products into the Middle East and North Africa (MENA) markets.
“With trade still around $2bn, we see potential for Russian investors to build industrial facilities and innovation centres in the UAE.”
The MoU was signed on the sidelines of the ‘KIZAD Business Week’, a series of business and networking events organised by KIZAD.
The event provided an opportunity for Russian businesses, investors and stakeholders to come together and discuss opportunities available in KIZAD and KPFTZ.