Russia seeks UAE investments to boost its economy

Russia is trying to increase its cooperation with the UAE, especially in Islamic finance, as the country is seeking to strengthen its trade ties with the UAE and other Gulf countries, according to Igor Egorov, the Chairman of the Russian Business Council. Egorov said the country has brought in new regulations to attract Islamic financial institutions from the Middle East and Asia as demand for financing grows in Russia. He added that the trade figures between Russia and the UAE stand at $2 billion and are set to grow in the coming days. Moreover, the Eurasian Economic Union provides opportunity for UAE companies to invest.