Russian Deputy Minister of Economy visits Jafza

A 5-member high-level Russian delegation led by HE Alexander Cybulsky, Deputy Minister of Economy, Russia, comprising Vitali Milyavsky, CEO of Russian Free Zone Corporation, Alexander Ostapenko, Economic Advisor at the Russian Embassy, Dr. Igor Egorov, Chairman and Mohammad Shiha, Executive Director of Russian Business Council, visited Jafza recently.

The delegation was received by Adil Al Zarooni, Senior Vice President – Sales, Tariq Bin Ghalaita, Vice President Sales and Abdulaziz Redha, Assistant Sales Manager - Europe region, at the Free Zone.

The Russian delegation and Jafza team had a detailed discussion to boost bilateral relations between Russia and the Free Zone. Senior officials explored ways to further enhance opportunities for strengthening trade and investment cooperation between the two sides at multiple levels.

Adil Al Zarooni in his welcome note stressed on the need to further cement the strong bilateral ties both the sides enjoy.

Ibrahim Mohamed Aljanahi, Deputy CEO of Jafza, commenting on the high-level Russian Delegation’s visit said: “The bilateral trade between Russia and Jafza has seen a steady growth over the years. In the last five years the number of Russian companies in Jafza has more than doubled growing from 25 at the end of 2008 to 54 in 2014, which includes names such as Caspian Gulf, AJ Auto Spare Parts, Kwarta International, Alramz and Magna Engineering and Construction Material. The Russian companies operate in diverse sectors spanning from building material, electrical appliances, machinery and equipment, automobile spare parts to jewelry and food and beverage.  The bilateral trade between Russia and the Free Zone has, during the last five years, registered 282% growth, rising from USD 114 million in 2009 to estimated USD 321 million in 2014. The Jafza-Russia trade is generated by re-export of Russian products largely to other GCC countries. The trade between Dubai and Russia has posted 3-fold growth in the last 2 years to cross USD 3 billion.”  

UAE plays a strategic role in Russia’s total trade with the entire Arab world. It contributes more than 22% to Arab countries total exports to Russia and over 20% of Russia’s exports to the entire Arab region. In terms of Arabian Gulf region the country accounts for 67% of Russia’s total trade with the GCC countries. More than 75% of the UAE’s total non-oil trade is generated in Dubai, which is the trade and commerce center of the country. 

“These numbers reinforce growing opportunities for Russian products and companies in the region that Jafza as a hub serves. Dubai-Russia trade is facilitated by excellent connectivity provided by Emirates, UAE’s national carrier. Dubai – based “flydubai” also started operating direct flights to Moscow last year. This further strengthens connectivity and supports trade, travel and tourism between Dubai and Russia,” Aljanahi added.