UAE-Russia non-oil trade hits 57%

The percentage of non-oil trade between the United Arab Emirates (UAE) and Russia increased by 57 per cent during the first nine months of the year, according to the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al-Zeyoudi.

Al-Zeyoudi said on Twitter on December 27 that non-oil foreign trade between Abu Dhabi and Moscow reached 20.2 billion dirhams ($5.5 billion), during the first nine months of 2022, Middle East Monitor reports.

The Emirati minister added that he had met with the President of Tatarstan, Rustam Minnikhanov, one of the most industrialised Russian republics to discuss ways to stimulate cooperation to broaden horizons.

The UAE hosts more than 4,000 Russian companies, while Abu Dhabi owns 60 projects in Russia, according to the Anadolu agency.

The UAE is Russia's largest Gulf trading partner, accounting for 55 per cent of Russian-Gulf trade. While the UAE accounts for 90 per cent of Moscow's total investments in the Arab countries.