At the 2025 St. Petersburg Economic Forum, His Excellency Abdullah bin Touq Al Mari, Minister of Economy and Tourism, highlighted the UAE’s experience in diversifying its economy. This forum, held under the theme “Shared Values: The Foundation of Growth in a Multipolar World,” featured fruitful discussions on ways to enhance economic relations between the UAE and Russia, focusing on specific strategies for national economic growth.
Bilateral Discussions with Russian Officials
On the sidelines of the forum, His Excellency Abdullah bin Touq held bilateral meetings with Dmitry Patrushev, the Russian Deputy Prime Minister, and Anton Alikhanov, the Russian Minister of Industry and Trade. These meetings were part of efforts to strengthen economic relations between the two countries in sectors of mutual interest. His Excellency emphasized the importance of leveraging the UAE’s strategic location as a global hub for business and investment.
Enhancing Economic Partnerships
His Excellency bin Touq added that the UAE’s participation in the forum reflects the country’s commitment to enhancing its presence on the regional and international stage. By building fruitful economic partnerships, the UAE aims to support its vision for economic openness, aligning with the objectives of the “We Are the UAE 2031” vision. The forum serves as a vital platform that brings together decision-makers and investors, opening new avenues for partnerships in the new economy.
Exceptional Growth in the Non-Oil Economy
During a session titled “A Fresh Look at Productivity: Adaptation and Growth in a Changing World,” His Excellency Abdullah bin Touq presented the UAE’s experience in economic diversification. He confirmed that the UAE economy has achieved exceptional growth results, with the contribution of non-oil sectors to the gross domestic product reaching 75.5% by the end of last year. The non-oil GDP also recorded a growth rate of 5% in 2024.
Developments in the Business Environment and the Role of Companies
His Excellency highlighted the developments in economic policies that enhance the attractiveness of the business environment, which today hosts over 1.1 million companies and economic institutions. The UAE’s ambitious vision for transforming into a global hub for the new economy by the next decade contributes to increasing competitiveness and innovation in local markets.
Memorandum of Understanding with a Russian Company
His Excellency Abdullah bin Touq Al Mari also witnessed the signing of a memorandum of understanding with a Russian company to establish a glass manufacturing plant in Abu Dhabi. This agreement, made between the Abu Dhabi Khalifa Economic Zones – Kizad Group and a Russian glass company, aims to enhance economic cooperation and expand into new projects that support the UAE’s developmental plans.