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22 Oct, 2022 17:04

UAE to invest in Russian tech – official

The country is also willing to cooperate in space, green energy and medicine
UAE to invest in Russian tech – official

The United Arab Emirates is keen to invest in Russian high-tech companies and to host their representative offices, Deputy Economy Minister Abdullah Ahmad Al Saleh said on Friday.

Speaking at the Made in Russia forum, he noted that Russian tech companies which he had visited had demonstrated a high level of development. “They have offered a number of inventions and new technologies that we would like to invest in, and we would also like to have their headquarters in our country,” he said, adding that it’s important to promote start-ups.

Al Saleh has called for mutual cooperation between the two countries in such areas as space, medicine and green energy, in particular highlighting Russia’s experience in space technology.

He also outlined further plans to develop joint projects, saying that “we are working in the fields of renewable energy, [projects] related to green economy, and also developing business in medical and pharmaceutical sectors. There are also plans to establish cooperation in telemedicine.”

Despite its close ties to the US, the UAE has been cautious in its criticism of Russia, and unlike the US and the EU, has not imposed strong restrictions against the country.

Last week, Russia’s President Vladimir Putin met with his UAE counterpart Mohammed bin Zayed Al Nahyan, in St. Petersburg. The leaders expressed Moscow and Abu Dhabi’s willingness to develop cooperation on all levels.

Sheikh Mohammed noted that trade between the two countries had risen from $2.5 billion to around $5 billion in recent years, despite the pandemic.

For more stories on economy & finance visit RT's business section

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