The Dubai Chamber of Commerce and Industry, in collaboration with the Russian-UAE Business Council and the Russian Federation Chamber of Commerce and Industry, recently held a virtual forum as part of the newly launched Dubai Global Partnership Series, which researched new possibilities of economic coordination between both the emirate and Russia.

The virtual event, drew 150 participants from 12 countries, focused on high-potential bilateral commerce and investment prospects in ICT, technology, and innovation.

Speakers featured Hamad Buamim, President and CEO of the Dubai Chamber of Commerce and Industry, and Maxim Fateev, Vice President of the Russian Federation Chamber of Commerce and Industry. Ammar Al Malik, Managing Director of Dubai Internet City; Alexei Busev, Executive Director of the Russian-UAE Business Council and a delegate of the Moscow Chamber of Commerce and Industry; Hans Henrik Christensen, Vice President of the Dubai Technology Entrepreneurship Campus (Dtec); Evgeniy Borisov, Deputy Director of the Internet Initiatives Development Fund (Russia); and Omar Khan, Director of International Offices at Dubai Chamber of Commerce.

In his inaugural speech, Buamim emphasized that this event was organized at a time when UAE-Russia relations are increasing in a variety of economic spheres. He hailed the founding of the Russian-Emirati Business Council a few months ago as a clear demonstration of both sides' growing willingness to push the commercial ties towards the next level.

In his opening remarks, Buamim stated that non-oil trade among Dubai and Russia has progressively increased over the years, intending to reach Dhs 7.7 billion by 2020, a favorable trend bolstered by several developments and attributes like high-level trips, the relaxation of visa regulations, and the signing of strategic cooperation contracts.

Many similarities exist between the UAE and Russian economies, such as a strong emphasis on supporting innovation, economic diversification, global commerce, and foreign investment. Dubai, the same as Russia, is currently undergoing accelerated digital transformation steered by Covid-19, while investing extensively in its smart city vision and Fourth Industrial Revolution technologies, as per Buamim, who added that Russia's information technology (IT) outsourcing industry, offers a wide range of scope for collaboration with the UAE.

Buamim reaffirmed Dubai Chamber's strong commitment to maintaining that UAE-Russia trade links keep expanding and thrive in the coming years, noting that the Chamber's foreign office in Baku, Azerbaijan, is critical in identifying investment opportunities in Russia and Eurasian markets and propagating Dubai as a favored business centre for Russian firms.

Fateev provided insightful information on the present condition of UAE-Russia commerce and commented on the Chamber's initiatives to connect the two business groups. He emphasized the significance of forums such as the Dubai Global Partnership Series, which foster open and productive conversation and so enhance bilateral trade.

Khan gave an insightful presentation on Dubai's economy, business climate, and competitive advantages, and an analysis of current trends affecting the UAE-Russia trade relationship.

The conference concluded with a panel discussion that looked at Dubai's status as a favored business center for Russian high-tech firms, key industries of mutual interest for Russian and UAE businesses and investors, and sound guidance as to how firms can construct a presence in Dubai and Russian marketplaces.

New business benefits, initiatives, innovations, rules, and infrastructure have improved Dubai's position as a global commodity trading hub in the Covid-19 era, as per industry professionals speaking at the latest segment of the Dubai Chamber Interview Series.

The virtual event included an in-depth dialogue with Ahmed Bin Sulayem, Executive Chairman and CEO of the Dubai Multi Commodities Centre (DMCC), who shone a light on the various trends and aspects driving DMCC membership and placing Dubai as a recommended hub for managing, importing, and exporting gold, diamond, coffee, tea, and spices.

He also discussed the free zone's value-added services and current initiatives to recruit commodities merchants from around the world and increase the flow of trade to and from the emirate.

The event, participated by 277 people from 45 countries, included representatives of business groups and councils, delegates from economic and professional bodies, and industry stockholders. It emphasized the competitive benefits available to companies looking to leverage Dubai as commodities trading hot spot.

Such benefits involve Dubai's world-class infrastructure, excellent logistics facilities like the DMCC's coffee and tea facilities, 100% foreign ownership, long-term residency for investors, and other programs including the World Logistics Passport, generating new possibilities for Dubai's trade with hopeful markets all over the world.