UAE leader probes trilateral cooperation in Russian Industrial Zone in Egypt’s SCZone
United Arab Emirates leader Sheikh Mohamed bin Zayed Al Nahyan probed, in a meeting with Russian President Vladimir Putin on Friday, the possibility of establishing trilateral cooperation with Egypt in the Russian Industrial Zone project located in Egypt’s Suez Canal Economic Zone.
Russian President Vladimir Putin, foreground left, and United Arab Emirates President Sheikh Mohamed bin Zayed Al-Nahyan visit an exhibition of the United Arab Emirates on the sideline of the St. Petersburg International Economic Forum in St. Petersburg, Russia, Friday, June 16, 2023. AP
The suggestion came during both leaders’ meeting in the Saint Petersburg Economic Forum where Putin praised UAE-Russian relations.
The industrial zone agreement was originally signed between Egypt and Russia in 2018 with the aim of attracting investments over the following fifty years.
In 2021 an agreement was made to further expand the zone over an area of five million square metres.
As originally signed, the agreement is set to be renewed this year.
Russia and UAE have closely cooperated as members of the OPEC+ oil alliance and Dubai is one of the rare world capitals to have maintained direct flights to Moscow following the start of the Ukraine conflict in February 2022.