UAE Invests in Trans Siberian Railway

Ministers from the United Arab Emirates and Russia have agreed a Memorandum of Intent for the UAE to invest up to $5 billion in infrastructure projects across the Russian Federation, to include upgrading the Trans Siberian Railway and a high speed rail link from Moscow to Kazan.

The Memorandum of Intent is to work on a number of major infrastructure projects in the country to include road and rail, as well as the major rail projects - a ring road which will be built around Moscow to reduce congestion in the city, and a number of seaports will get inward investment. It will invest monies on a deal by deal basis into such projects on an as and when basis over the next seven years.

Russian President Vladimir Putin expressed delight in the inward investment from the Middle East into the Russian Direct Investment Fund. Putin said, “I am very delighted to note your agreement with the Russian Direct Investment Fund on working together and on the possible investment of up to $5 billion in this common work”.

Also discussed was a number of bilateral trade deals between Russia and the UAE. The deal will be official by the end of the year.