Alexey Busev, General Director of INCONA, commented to The National newspaper
The National has published an article assessing the prospects of the Russian market for investors from the Gulf countries in connection with the tense situation in Ukraine.
The publication says that Russia has reached agreements with its foreign partners, according to which it can receive billions of dollars from Middle Eastern investors in the next two years. At the end of April this year, the Russian Direct Investment Fund (RDIF) signed a memorandum of cooperation with the sovereign fund of the Kingdom of Bahrain Mumtalakat Holding.
Earlier, several other investors from the Gulf countries also announced plans to invest in Russia. For example, the strategic investment company Mubadala Development, owned by the government of Abu Dhabi, announced in June last year the creation of a $2 billion fund with the RDIF. to implement joint projects in Russia. Then, in September, the Abu Dhabi Finance Department signed a cooperation agreement with the RDIF, under which investments in the development of infrastructure projects in Russia totaling up to $5 billion are planned. Kuwait Sovereign Wealth Fund Kuwait Investment Authority (KIA) signed a similar agreement with RDIF in June 2012.
Alexey Busev, General Director of INCONA, Chairman of the ITCI Commission for Foreign Economic Cooperation between Russia and the UAE, positively assessed the growing attractiveness of the domestic market for Middle Eastern investors: «Last year, the development of economic ties between the Gulf countries and Russia reached its peak, which continues to this day. We hope that this year will be even more successful.» According to him, Russia is currently experiencing a boom in the construction of real estate and infrastructure, which opens up great opportunities for investors.
The author of the article points out that, despite the tense situation in Ukraine, many Arab investors are interested in projects in Russia. The article tells about companies from the UAE showing great activity in the Russian market. In particular, Dubai-based construction company Arabtec Holding last month confirmed its interest in Russian projects, positively assessing its participation in the project for the construction of the Gazprom tower in St. Petersburg. The company also announced plans to implement other projects in Russia. In addition, last month, the developer Limitless announced the successful completion of a real estate project in Moscow together with the Russian RDI Group.