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UAE expects trade with Russia to increase

Diamond and gold are the most important and profitable goods

His Excellency Abdullah Al Saleh, under-secretary of the UAE Ministry of Economy, announced that his country expects trade exchange with Russia to increase in 2015.

Saleh, talking to Russian news agency, RIA Novosti, said: “trade exchange between our two countries amounted to $3.7 billion in 2014, compared with $3.5bn in 2013 and we expect it to increase in 2015.”

However, the under-secretary pointed out that the trade exchange index between the UAE and Russia suffered from the negative impact of the world market.

He added: “Diamond and gold are the most important and profitable of Russian exports to the UAE, where their prices significantly declined this year, which reflected on the trade index as a whole.”

Al Saleh recalled that the stated goal of the Russian Federation and the UAE is to raise the volume of intraregional trade to $7bn over the next four years.

(US$1 = AED3.67, at the time of publishing)