Annual general assembly of Russian Business Council held in Dubai

"Despite its young age, the Russian Business Council has become an established and efficient organization. It is closely involved in the development of various aspects of Russian-Emirati relations including expanding trade, economic and investment cooperation and support of Russian businesses in the local market. It is encouraging that the efforts of Russian foreign missions get substantial reinforcement by RBC," said the Ambassador in his address.

The message was delivered by the Counselor Timur Zabirov.

"There is surely also the merit of RBC in the fact that for the first six months of 2012 the bilateral trade increased by 40%, and might reach $2bn in 2012 which is a new historical maximum. The Council is equally in demand in other areas. I would like to particularly note its contribution to the humanitarian areas of our relations with the UAE, as well as establishing ties with the Russian regions. RBC is also an active participant in the Coordination Council of Russian Compatriots living here and of our common efforts in the community consolidation," was said in the greeting.

Dr. Igor Egorov, Chairman of RBC has described activities carried out by RBC within the past year, as well as briefed on overall development of economic and cultural ties between Russia and the UAE and outlined the future prospects.

"We are the only association of Russian entrepreneurs in the Middle East and Africa. We aim to become the most effective entrepreneurs' organization in the region and expand the capacity of its members to develop their businesses. This in turn will contribute to the development of bilateral trade and investment and support the high ethical business standards. Our goal is to become a trusted partner for the UAE companies looking to enter the Russian market, as well the first address for the Russian businesses entering the local market," said the Chairman.

Despite the difficult situation in the world, an economic outlook in the UAE remains positive. Surveys conducted by the Dubai Department of Economic Development suggest that next year consumers are going to spend more and are more confident about their future than their neighbors in the region.

Chairman has also noted positive development of Russia-UAE relations. In 2011, the trade turnover between Russia and the UAE has reached $1.5bn, and within the first half of 2012 has exceeded $1bn (an increase of 40% compared to the same period in 2011). Russian companies have invested $187.1m in the UAE economy in 2011, and the UAE has invested $253.8m into Russian projects.

There are over 40 major Russian companies and more than 350 joint ventures in the UAE. Russians remain one of the main investors into the Dubai economy. They have invested over $600m into real estate and are taking 5th place in the world in terms of investments. In addition, it is expected that over 600,000 Russian tourists to visit the UAE this year.

RBC Chairman reviewed business and cultural events that have been held over the last year. To name a few business events: international transport award gala, meeting with travel agencies and Dubai Police, round tables on special transport in oil & gas, real estate and construction, as well as networking events. The Council is actively promoting Russian culture and sport in the Middle East and supports students too.

The brief on a major event: GCC - Russia Business Forum in December 2012 was given by Roman Gavrilin, Project Director Expocentre Sharjah. The event is held within the Exhibition of Russian Goods and Services and runs within the Russian Business Week in the UAE. Representatives of Russian businesses and Government will meet with their counterparts from the Gulf countries to discuss prospects of cooperation.

The forum will include panel discussions on various topics including real estate, oil and gas, investment and banking, logistics, free zones, and women in business. Serghey Tokarev, Secretary General has presented the Membership Certificates to the new members of the Russian Business Council.