Lavrik, who is also the head of the Investment Department of the Russian Business Council in Dubai and the Northern Emirates, expressed confidence in the future of bilateral relations between Russia and the UAE in the field of investments in a recent interview to the Arabic bureau of the Russia Today TV channel.
In response to a question on sanctions which the US, the EU and a number of other states have imposed against Russia, Lavrik said that the current situation provides another opportunity for entrepreneurs from the Middle East, East and South-East Asia. As evidence, he pointed out that the Business Invest Roadshow, a global forum for business solutions that recently took place in Abu Dhabi, witnessed a successful translation of dialogue into investment projects -- the main purpose of the meeting. As for the impact of the Western sanctions on the relationship between Russia and the UAE, Lavrik stressed that the current circumstances had no affect on relations between the two countries. In fact, according to him, both countries can benefit from the situation.
Trade turnover between Russia and the UAE increased by 3.75 times during 2008-2013, exceeding US $2.5 billion for the first time in 2013. During January-May of 2014, turnover growth was about 11.4%.
Lavrik highlighted that bilateral cooperation between Russia and the Emirates has moved forward considerably when it comes to investment. Russian and Emirati businessmen have established 350 joint ventures with the UAE registering over 100 Russian brands, 40 offices for commercial organisations and eight Russian companies.
Moreover, he pointed out that since 2003, foreign businessmen have become increasingly interested in the rapidly growing real estate market in the UAE, especially after the government has taken a series of pertinent steps to promote the acquisition of property by foreigners. As a result, most of the leading global research agencies reported an unprecedented growth in residential property prices -- nearly 33% at the end of 2013. However, in the first quarter of 2014, the market showed signs of stabilizing sooner than expected. Now, Dubai’s real estate is considered one of the most profitable areas for investing and capitalization of this segment will continue its steady and consistent growth, Lavrik told Russia Today.
The full interview can be viewed here: http://www.youtube.com/watch?v=TAuNsN_0SrY