RAKEZ Paves the Way for UAE-Russia Economic Cooperation During St. Petersburg Visit

Ras Al Khaimah Economic Zone (RAKEZ) representatives recently joined the UAE’s Ministry of Economy delegation which attended the St. Petersburg International Economic Forum (SPIEF) 2023 in Russia. The visit aimed to explore new opportunities for collaboration and strengthen economic ties between the UAE and Russia.

RAKEZ and Business Russia sign MoU during St. Petersburg International Economic Forum 2023

During SPIEF, RAKEZ Chief Commercial Officer, Anas Hijjawi, participated in a panel discussion titled ‘UAE Industrial Clusters: New Opportunities for Russian Exporters’. The discussion shed light on how RAKEZ, as one of the largest and fastest-growing regional economic zones, can serve as a strategic platform providing new avenues for Russia’s exporters seeking to expand their production facilities in the current geopolitical landscape.

During the panel discussion, Hijjawi highlighted the numerous advantages and preferences that the UAE’s economic zones offer to Russian investors, including a business-friendly environment, robust infrastructure, collaborative opportunities, access to modern facilities, and a wide range of support services. He emphasised the importance of conducting market research, forming strategic partnerships, adapting products to local demand, and engaging in proactive marketing and promotional activities for Russian companies seeking to enter the UAE market.

Furthermore, he stressed the significance of establishing Russian clusters within the economic zones, citing the benefits of enhanced collaboration, access to specialised resources, networking opportunities, streamlined government support, and the development of state-of-the-art industry ecosystems.

In a notable development on the sidelines of SPIEF, RAKEZ and Business Russia signed a Memorandum of Understanding (MoU) to pave the way for stronger trade, economic, scientific, and technological relations between the UAE and Russia.

The MoU, signed by Hijjawi and Business Russia’s Chairman, Alexey Repik, aims to encourage closer contact between the two entities, promote economic growth, and facilitate active participation in business events held in both countries. It also facilitates information exchange in areas of mutual interest, covering the economy, foreign trade, changes in law, regulations, prospective projects, and spheres of interest, thereby fostering a stronger partnership between RAKEZ and Business Russia.

RAKEZ Group CEO, Ramy Jallad, said, “We are thrilled to have entered into this mutually beneficial collaboration with Business Russia, as it is a significant milestone in strengthening the trade and economic relations between the UAE and Russia. This MoU opens up new avenues for collaboration, knowledge sharing, and business opportunities between the two countries through our organisations. We look forward to fostering a productive partnership that will benefit companies from both regions and contribute to the growth and prosperity of our respective economies.”

Today RAKEZ is home to around 800 Russian companies operating in different sectors ranging from startups and SMEs, to large manufacturers.