Port & Free Zone World, Russian Railways sign cooperation agreement to explore developing supply chain infrastructure in Russia

The agreement was signed by Mr. Jamal Majid Bin Thaniah, Executive Vice Chairman, DP World, and Group CEO, Port & Free Zone World, and Mr. Vladimir Yakunin, President of Russian Railways during the visit of a high-powered Russian delegation to Jebel Ali Port and Free Zone. Senior officials from Dubai World were present during the meeting, including Mr. Mohammed Sharaf, CEO, DP World, Mrs. Salma Hareb, CEO, Jafza and Economic Zones World, Mr. Mohammed Al Muallem, Senior Vice President & Managing Director, DP World UAE region, in addition to other Dubai World officials.

Mr. Jamal Majid Bin Thaniah affirmed that this agreement will pave the way to explore investments in marine terminals, logistics and rail that will benefit both parties and support the economic growth of Russia and the surrounding region.

Mr. Bin Thaniah explained that the Russian economy has witnessed persistent growth over the last few years, especially with the rise in international oil prices since the country is a major exporter of this vital energy production commodity around the world.

'It is of strategic importance that we pursue opportunities that allow us to enter a market slated to become a key global powerhouse. It will also further expand our global footprint and serve commercial interests in Russia while contributing to that country's national growth,' he added.

Bin Thaniah also said that Russia and Dubai have both witnessed burgeoning bilateral trade over the decades, particularly in the last ten years. There has been a gradual shift from trade and tourism to high technology and contractual commercial investments. 'We look forward to working together and to further strengthening our relationship,' he said.

The Parties also agreed to cooperate by sharing information and knowledge and provide support to improve levels of service, productivity, seamless solutions for end customers, competitiveness and to look into opportunities of combined innovative technology, business development and growth, implementing best practices and training for human resources and to adhere to the highest safety, health and environmental standards.

Vladimir Yakunin said, 'Our country can learn a lot from Dubai's developmental experience, especially with regards to the management of ports and free zones.

'Presently, Russia is a rapidly growing market and abounds with resources and potential. We invite Dubai World to seriously think of investment opportunities in our country that will add to its successful portfolio in business and vital sectors such as the ports, shipping, container handling, free zones and miscellaneous logistic services,' he added.

Russian Railways is one of the biggest railway companies in the world with 85,500 km of track and 1.2 million employees. Almost 1.3 billion passengers travel via Russian Railways annually as well as 1.3 billion tons of freight. Russian Railways accounts for over 3.6 % of Russia's GDP and handles almost 80% of all transportation in Russia.