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Russia seeks to boost trade ties with UAE

Xinhua, April 7, 2015 Adjust font size:

A senior Russian official said that his country seeks to upgrade trade relations with the United Arab Emirates (UAE), Dubai daily Gulf News reported on Tuesday.

Igor Egorov, chairman of the Dubai-based Russian Business Council, told the paper that the trade figures between the two countries stand at 2 billion U.S. dollars "and are set to grow in the coming days."

The Russian official added that the Islamic finance is a new area where his country is trying to increase its cooperation with the UAE.

Russia had brought in new regulations to attract Islamic financial institutions from the Middle East and Asia as the demand for financing grows in Russia, he said.

Russia and the UAE have recently joined the multi-national and newly formed China-initiated Asia Infrastructure Investment Bank which aims to invest in infrastructure and education in East and Central Asia.

Last week, Fahad Al-Gergawi, CEO of Dubai's foreign direct investment office, told Xinhua that the UAE had itself "perfectly positioned" to be part of the new Silk Road. Endit