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Dubai partners with Moscow to develop entrepreneurial projects

Xinhua, October 8, 2016 Adjust font size:

The authority of the United Arab Emirates (UAE) high-tech free zone Dubai Silicon Oasis (DSO), said on Saturday it has signed a strategic partnership agreement with the Department of Science, Industrial Policy and Entrepreneurship of Moscow (DSIPE) in order to collaboratively develop technology-based entrepreneurial projects.

The deal was inked by Juma Al-Matrooshi, Deputy CEO of Operations and Client Affairs at DSOA and Oleg Bocharov, Head of DSIPE of Moscow.

The agreement mandates the two organizations to collaborate through official delegation visits and exchange programs, as well as joint participation in conferences and trade shows, DSO said in a statement.

Both parties will also focus on developing shared technology projects and exchange lessons learned as well as best practices.

"This partnership with DSIPE of Moscow marks a vital step in our foray into a prominent market and strengthens the historical association shared by Dubai and Moscow, as well as the wider UAE and Russian Federation," Al-Matrooshi said.

According to DSO, the Russian Federation is one of the "most notable economic partners" to the UAE.

Bilateral trade between the two countries amounted to more than three billion U.S. dollars in 2015. Also, mutual investments between them exceeded 18 billion dollars in the same year.

A wholly-owned entity of the government of Dubai, DSO operates as a free zone technology park for large enterprises, medium and small companies looking to set up their offices in the Gulf Arab sheikhdom.

Notable global firms running branches in DSO are Germany's Wacker Chemicals, Porsche Middle East and Suisse Med Technologies. Companies with a branch in one of the UAE's dozens of free zones are exempted from paying taxes for 50 years and can repatriate 100 percent of their profits. Endit