The UAE is looking to become Russia’s first trading partner in 2022

In this episode, we discuss: the UAE is discussing with Russia promising projects in the field of technology, food and medical security; The euro is less than the dollar. What are the causes and consequences? The United States lifts sanctions on “Gazprom Germany” and allows dealings with Moscow; Sri Lanka’s bankruptcy and the collapse of the economy is prompting it to seek help from Russia.
The United Arab Emirates discussed with a number of Russian companies, cooperation in the fields of technology, food security, and medicine.
On this cooperation, Ahmed Saeed Al Ketbi, First Secretary and Head of the Economic and Commercial Affairs Department at the UAE Embassy in Russia, told “Laws of Economy”:
“We enjoy distinguished economic and trade relations with Russia, and we were able to become the first in the volume of trade exchange with Russia during 2021, and this gives us incentives towards broader cooperation, and the projects proposed by the Russian side are distinctive and innovative in various fields, and there is interest by the UAE to strengthen Cooperation in the agricultural field, information technology, artificial intelligence, and the presence of Russian companies in the UAE is a bridge for them to enter the countries surrounding our country, and we look forward to being the first partner of Russia in 2022 and the coming years.”

Regarding the memorandums of understanding recently signed between the two sides, Al-Kaabi added:
“We signed a memorandum of understanding during the St. Petersburg International Economic Forum, so that the UAE will be a guest of honor at the forum during 2023, and participation will be at a large governmental and private level, for Russia to explore the opportunities in the Emirates, and vice versa, as well. We also signed a memorandum of understanding with the Eurasian Economic Union, to expand We cooperate with the Federation through the Russian portal, and we have an interest in this very promising organization.”

In turn, a member of the General Council of the All-Russian Public Organization “Russia for Business” and the business ambassador of Delovaya Rossiya in the United Arab Emirates, Mr. Maxim Zagornov, told Economic Laws:
“I would like to note that despite the fact that Western companies are leaving the Russian market, there will always be other investors to replace them such as Emirati companies, and the UAE represents one of the most important outlets for the Arab world, in addition, good long-term relations help maintain trade relations, Food security issues are very important today, Russia has great potential to provide food to other countries, it also has large reserves of fresh water, and we also work intensively together in the field of IT and medical technologies.
Sanctions against Russia cause the collapse of the Eurozone
Hungarian Prime Minister Viktor Orban has declared that the sanctions policy has not lived up to expectations, the European economy has shot into its lungs and is now suffocating.
Because of the sanctions, the exchange rate of the European currency against its Russian counterpart on the Moscow Stock Exchange fell to a level lower than the exchange rate of the dollar against the Russian ruble. By 2.52 rubles (ruble = 100 kopecks) to 58.74 rubles In global markets, the exchange rate of the European currency, the euro, fell against its American counterpart, to below the level of a dollar, for the first time in nearly 20 years.
During an intervention with the “Laws of the Economy”, the investment advisor in the financial markets, Shadi Mashkak, said:
“Sanctions against Russia will lead to a major collapse in the eurozone, and perhaps the emergence of a new alternative currency, due to the presence of a negative line for European economies, and today the world needs energy resources that are sold in dollars, so the demand for the American currency increases at the expense of the European, and because of the economic stagnation in the eurozone, Inflation, the energy crisis, may itself abandon the euro and turn to the dollar.”