Virtual series explores prospects for UAE-Russia cooperation in technology and innovation

DUBAI- Dubai Chamber of Commerce and Industry, in cooperation with the Russian-UAE Business Council and the Chamber of Commerce and Industry of the Russian Federation, recently hosted a virtual forum as part of its newly launched Dubai Global Partnership Series, which explored new avenues of economic cooperation between the emirate and Russia.

Featuring 150 participants from 12 countries, the virtual forum examined high-potential bilateral trade and investment opportunities across ICT, technology and innovation.

Speakers included Hamad Buamim, President and CEO of Dubai Chamber; Maxim Fateev, Vice President of the Chamber of Commerce and Industry of the Russian Federation; Alexei Busev, Executive Director of the Russian-UAE Business Council and representative of the Moscow Chamber of Commerce and Industry; Ammar Al Malik, Managing Director of Dubai Internet City; Hans Henrik Christensen, Vice President of the Dubai Technology Entrepreneurship Campus; Evgeniy Borisov, Deputy Director of the Russian Internet Initiatives Development Fund, and Omar Khan, Director of International Offices at Dubai Chamber.

During his opening speech, Buamim highlighted the UAE-Russia relations, which are expanding across various fields, and described the formation of the Russian-Emirati Business Council as a clear indication of growing interest on both sides to take trade ties to a higher level.

Buamim said that non-oil trade between Dubai and Russia has increased steadily in recent years to reach AED7.7 billion in 2020, a positive trend supported by several developments, such as high-level visits, the easing of visa restrictions and the signing of strategic cooperation agreements.

The UAE and Russian economies share many synergies, including their strong focus on fostering innovation, economic diversification, global trade and foreign investment. Much like Russia, Dubai is currently in the midst of a rapid digital transformation led by the impact of COVID-19, while it invests heavily in its smart city vision and Fourth Industrial Revolution technologies, said Buamim, adding that Russia’s information technology outsourcing industry offers much scope for cooperation with the UAE.

The forum concluded with a panel discussion that examined Dubai’s status as a preferred business hub for high-tech companies from Russia, key sectors of mutual interest for Russian and UAE companies and investors, and practical advice on how companies can establish a presence in the Dubai and Russian markets.