Impressive 131% growth rate in Dubai-Russia non-oil trade during 2010-2014

DP World and the Russian Direct Investment Fund (RDIF) announced the launch of a new joint endeavor company targeting ports, transport and logistics facilities in Russia. The announcement followed a series of conferences and discussions between DP World Chairman and top Russian authorities. His Excellency Sultan Ahmed bin Sulayem, Chairman of DP World and Chairman of Ports, Customs and Free Zone Corporation, exposed that the offer had come about after a meeting with Vladimir Putin, the Russian President, during a check out to the eastern port of Vladivostok last September.

On the sidelines of the World Economic Forum in Davos, H.E. Sultan Ahmed Bin Sulayem and Kirill Dmitriev, Russian Direct Investment Fund CEO, signed a document determining the key terms and concepts of the joint venture in which DP World will own an 80 % shareholding with the remaining 20 % held by RDIF.
Under the name 'DP World Russia', the business will target aquatic, dry ports and logistics infrastructure in different parts of Russia.
'DP World Russia' is anticipated to potentially invest in time a total of US $2 billion in updating Russian port facilities, while introducing global best practices in operations to improve trade connection for the advantage of Russian businesses, consumers and community.

Russia is a crucial economic partner for the UAE, with bilateral trade amounting to AED 10 billion in 2014 and overall United Arab Emirates investment in Russia standing at about $18 billion (AED 66 billion). There are about 3,000 Russian companies based in the UAE.

H.E. Sultan Ahmed Bin Sulayem, DP World Chairman, said: "Russia has always been an appealing origin and location market for us with huge long term growth prospects. This joint endeavor permits DP World and RDIF to build on each other's strengths in causing economic success to Russia. It is also another fantastic example of the strategic partnerships with government stakeholders, a design that has actually proven very successful for us throughout the years. Ports and logistics infrastructure are long-lasting investments and this is why, when we invest, we prefer a strategy that acknowledges the advantages of sharing resources for a common purpose.

RDIF has a proven performance history of investing with other worldwide business and we are pleased to partner with them. This JV will allow us to share with Russia our experience as an international port operator and trade enabler and to even more enhance the already developed strong relations between our nations.".

Dubai strives to boost trade potential customers with Russia, as non-oil two-way trade between Dubai and Russia experienced an outstanding 131 % growth rate between 2010 to 2014, he added. "In 2014, AED 9.62 billion worth of products were traded bilaterally, versus as much as AED 4.16 billion in 2010. Dubai-Russia trade scored AED 5.23 billion in the first 9 months of 2015.".

Following Bin Sulayem's meeting with the Russian President last September, Putin mandated Yuri Trutnev, Deputy Prime Minister of Russia and Presidential Envoy to the Far Eastern Federal District, and Maxim Sokolov, Minister of Transport of the Russian Federation, to offer DP World with financial investment facilities and remove any difficulties to its prospective business operations in the Far East.