Key events of bilateral cooperation between the United Arab Emirates and Russia in 2022

The INCONA specialists summed up how cooperation between Russia and the UAE developed in 2022 in three areas: economy, social sphere and politics. Below are some of the main theses from our article published on Yandex.Dzen.

• From the end of February to the end of September, about 700 Russian enterprises opened their representative offices in the UAE. In comparison with the data for last year, the indicator increased 5-7 times. Currently, interest in opening branches in the Arab state is mainly shown by IT companies.
• Last year, trade with the Emirates reached a historic high of $5.4 billion. According to preliminary estimates, the record was broken again in 2022.
• The Emirates want to cooperate with the Russian Federation in the fields of renewable energy sources, telemedicine, startups, agro-industry and even space.
• Despite the pressure from the «West» on the financial structure and business of the UAE, large Emirate banks, such as Emirates NBD, First Abu Dhabi Bank, continue to carry out financial transactions with Russian legal entities and individuals, and Russia remained in the OPEC+ agreement.
• In addition to cooperation as oil exporters, the UAE may soon become a full member of the Shanghai Cooperation Organization (SCO), which already includes Russia, China, India, Iran, Tajikistan, Uzbekistan, Pakistan and Kyrgyzstan.