INCONA took part in the forum «Russia — the Gulf countries»

From December 17 to December 19, 2012, the Emirate of Sharjah (UAE) hosted the Russia-Gulf Business Forum. It was attended by representatives of the business community, government agencies and experts from Russia and the countries that are members of the Cooperation Council for the Arab States of the Gulf (GCC). The main purpose of the event was stated to establish business contacts between Russian and Arab businessmen, expand trade and economic ties, and improve the investment climate.

Alexey Busev, General Director of INCONA, spoke at a round table dedicated to the development of economic cooperation between Moscow and the UAE. In particular, he touched upon the topic of business in the UAE and the topic of investment. In his opinion, the real estate, infrastructure, transport and electric power sectors are the most attractive for Arab investors.

A.Busev noted that Moscow companies have good prospects for selling their products on the market of the United Arab Emirates. He said that the following products and services are most in demand in the UAE and other Gulf countries: water treatment and water treatment systems, alternative energy sources, information technology, energy-saving lighting, satellite navigation systems, as well as fire-fighting equipment and security systems.

At the end of his speech, A. Busev spoke about the most serious problems faced by Russian companies planning to do business in the UAE. One of the main problems is the lack of international certification and licenses for Russian manufacturers of goods and services. The difficulties also included the lack of marketing strategies, documentation skills, non-transparency of financial statements of domestic companies, as well as a shortage of specialists with knowledge of English.