UAE and Russia Strengthen Strategic Partnership Amid Global Challenges

Strategic Insights -

As the world grapples with multiple crises, including the COVID-19 pandemic, extremism, and hate speech, the United Arab Emirates (UAE) and Russia have reaffirmed their commitment to a solid strategic partnership. H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation, emphasized the importance of cooperation in various sectors, including energy, banking, science, innovation, and culture. The two nations have seen significant growth in their trade, with a US$3.7 billion non-oil bilateral trade in 2019, an eight percent increase compared to 2018.

Key Takeaways:

  • The UAE considers Russia a key partner, with a strategic partnership agreement aimed at boosting bilateral relations.
  • The two countries have seen significant growth in trade, with an 80 percent increase in 2020 compared to 2019.
  • Key areas for cooperation include energy, banking, science, innovation, space discovery, culture, health, technology, and food security.
  • The UAE and Russia have a solid pillar of consular relations, with 800,000 Russian tourists visiting the UAE in 2019, and 17,000 Russian citizens residing in the country.
  • The COVID-19 pandemic has underscored the importance of cooperation, with the two countries working closely to address the crisis.
  • Russia's participation in Expo 2020 Dubai, postponed to October 2021, is a significant development in their bilateral relations.
  • The UAE commends the strategic agreement between Mubadala Investment and SberBank of Russia, boosting Emirati-Russian cooperation in investments.
  • Emirati-Russian relations are expected to continue growing, with potential areas for further cooperation in the sectors mentioned above.
  • The UAE welcomes Russia as a partner and a reliable friend, encouraging further cooperation and development in their bilateral ties.

Statistics:

  • US$3.7 billion: non-oil bilateral trade between the UAE and Russia in 2019, an eight percent increase compared to 2018.
  • 800,000: number of Russian tourists visiting the UAE in 2019.
  • 17,000: number of Russian citizens residing in the UAE.
  • 80 percent: increase in trade between the UAE and Russia in 2020 compared to 2019.
  • US: number of flights from Russian cities to the UAE, aiming to increase to support investment and trade.

Sources:

  • 9 March 2021: UAE Ministry of Foreign Affairs.
  • [UAE Minister of Foreign Affairs and International Cooperation, H.H. Sheikh Abdullah bin Zayed Al Nahyan, and Russian Minister of Foreign Affairs, Sergey Lavrov, joint press conference].