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UAE and Russia sign a memorandum of intent to establish partnership investment in Russian infrastructure projects

posted on 14/09/2013: 1439 views



Moscow: The United Arab Emirates and the Federal Republic of Russia on Thursday at the headquarters of the Kremlin signed a Memorandum of a Intent to establish a joint investment partnership between the Department of Finance (DoF) in Abu Dhabi and the Russian Direct Investment Fund (RDIF) for investment in Russian infrastructure projects in which the Government of Abu Dhabi, represented by the Department of Finance, provides an investment of up to US$ 5 billion.

This came within the framework of the visit of His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The Memorandum was signed by Hamad Mohammed Al Hur Al Suwaidi, Chairman of Abu Dhabi Finance Department representing the Abu Dhabi Government, and Kirill Dmitriev, Chief Executive officer, Russian Direct Investment Fund (RDIF) representing the Russian side.

Speaking on the occasion, Al Suwaidi said, "The signing of this Memorandum and our commitment to an investment of up to US$ 5 billion reflects our belief in the returns that can be derived from this investment in the Russian infrastructure, and we expect a very fruitful partnership through the exchange of expertise with the Russian Direct Investment Fund (RDIF).

The joint project between the Department of Finance in Abu Dhabi and the Russian Direct Investment Fund aims to open new avenues for joint cooperation that contributes to the strengthening of bilateral relations between the two countries by investing in the infrastructure of Russia on a project by project basis, in addition to obtaining a rewarding return on invested capital, enhancing the growth of two-way investment and promoting Emirati-Russian cooperation and identifying other investment opportunities for both parties.

The two parties will agree on the structure and governance of the joint project and other conditions in the final agreements that the two parties will conclude before the end of the current year. – Emirates News Agency, WAM

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