Multiple deals worth $1.4bn were signed between two countries during Russian President Vladimir Putin's recent visit to the UAE
Investment from the United Arab Emirates into Russia could hit $10 billion in the years to come, according to Kirill Dmitriev, chief executive of the Russian Direct Investment Fund (RDIF).
Dmitriev was speaking to Rossiya 24 TV channel during a busy day for the Russian President Vladimir Putin, who signed deals worth $1.4bn during his visit to the UAE.
The agreements surrounded investment by the UAE in a range of industries, including petrochemical, transport and medicine, Russian news agency TASS reported.
Putin noted that the Mubadala Emirates fund is one of the first partners of the Russian Direct Investment Fund (RDIF) and together they have already implemented more than 45 projects worth $2.3bn.
"The return on these investments is significant, sometimes it is three times higher than global standards," Putin said.
The Russian President welcomed the industrial cooperation between the two countries.
He said: “We welcome our Emirates friends' entry into the share capital of the company, the manufacturer of executive Aurus cars. We are doing and will do all that is necessary to make investors, including those from the United Arab Emirates, feel comfortable in our market."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.