Business Russia signs a Memorandum of Understanding with RAKEZ at SPIEF-2023

On June 16, a ceremony of signing a Memorandum of Understanding (MoU) between Business Russia and Ras Al Khaimah Economic Zone (RAKEZ), UAE took place on the sidelines of SPIEF-2023. The document was signed by the Chairman of Business Russia, Alexey Repik, and RAKEZ Chief Commercial Officer, Mr. Anas Yousef Abdel Rahman Abdel Ghafer. 

The key objectives of the signed MoU are to combine the efforts of both organizations to expand and deepen economic and investment ties between Russia and the UAE, identify new market niches and establish an exchange of practical information in the field of trade regulation. 

The parties also agreed to hold regular meetings aimed at identifying promising projects and initiatives, as well as to facilitate the organization of joint exhibitions, conferences and business missions. 

In recent years, the Russian Federation and the United Arab Emirates have established an active friendly dialogue, successfully fostering trade and economic cooperation. Over the past five years, the trade turnover between the countries has increased almost sixfold and reached a record $9 billion last year.

Russian businessmen show great interest in locating production facilities in the United Arab Emirates, primarily on the territory of free zones, known for their preferences in terms of opening a company and doing business. Ras Al Khaimah Economic Zone (RAKEZ) is in the Russian business spotlight today. As RAKEZ Chief Commercial Officer, Mr. Anas Yousef Abdel Rahman Abdel Ghafer, stated during the panel session of Business Russia at SPIEF-2023, dedicated to the UAE industrial clusters, the number of RAKEZ residents has increased by 85% this year. Some of them are Russian businessmen.

RAKEZ is among the leaders in terms of the number of requests to Business Russia for setting up companies and establishing production facilities. One of the reasons is that the zone is focused not only on large companies, but also on SMEs. The cost of doing business in RAKEZ is 30% lower than in other free zones.