UAE President aims to double trade with Russia, Eurasia in 5 years

President His Highness Sheikh Mohamed bin Zayed Al Nahyan said the UAE aims to double trade with Russia and the wider Eurasian region in the next five years, as he met with Russian President Vladimir Putin in Moscow on Thursday.

The Emirati head of state added that trade with Russia reached around $11.5 billion in 2024 and $30 billion with Eurasia.

Foreign trade data issued by the Ministry of Economy and the Federal Competitiveness and Statistics Center indicated that trade has increased by nearly 200 per cent over the past five years, from around $3.5 billion in 2019. 

With the opening of full ownership to foreigners, the UAE is home to nearly 4,000 Russian companies. 

He thanked President Putin for receiving him in the Russian capital, adding he hopes the visit yields positive results for the UAE and Russia.

Sheikh Mohamed added he strives to extend and strengthen “bridges” with Russia.

The two leaders are expected to discuss recent developments, including the war with Ukraine and efforts for a ceasefire. 

US President Trump is reportedly set to meet President Vladimir Putin in the coming days as the countries search for a breakthrough in ceasefire negotiations, in what would be the first summit between leaders of the two countries since 2021. 

The UAE has balanced friendly relations with the US and Russia, and previously mediated prisoner exchanges between Russian and Ukraine which saw the release of thousands held by both sides.