The UAE and Russia signed a Memorandum of a intent to establish a joint investment partnership between the Department of Finance (DoF) in Abu Dhabi and the Russian Direct Investment Fund (RDIF) for investment up to $5 billion in Russian infrastructure projects.
The agreement was signed during the visit of General Shaikh Mohammad bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
General Shaikh Mohammad bin Zayed, and Vladimir Putin, the President of Russia discussed bilateral relations between the UAE and Russia, and ways of supporting and promoting them in light of their outstanding ties of friendship and common interests.
The discussions took place at the state residence of the Russian President. The meeting was attended by Shikh Abdullah bin Zayed Al Nahyan, UAE Foreign Minister.
President Putin welcomed Shaikh Mohammad and expressed his pleasure at meeting him, and discussed with him matters and issues of common interest.
The Memorandum on investments was signed by Hamad Mohammed Al Hur Al Suwaidi, Chairman of Abu Dhabi Finance Department representing the Abu Dhabi Government, and Kirill Dmitriev, Chief Executive officer, Russian Direct Investment Fund (RDIF) representing the Russian side.
The joint projects aims to open new avenues for cooperation that contributes to the strengthening of bilateral relations between the two countries by investing in the infrastructure of Russia on a project by project basis, a WAM statement said.