The Sharjah Investment and Development Authority (Shurooq) is promoting Sharjah’s investment proposition to Iraqi Kurdistan and Russia this month. The Russian Federation is a major trading partner of the United Arab Emirates with bilateral trade in excess of US$1.5 billion (AED 5.5 billion), while non-oil trade between the UAE and Iraq reached a total of US$8 billion (Dh29.42 billion) in 2012.
Shurooq will take part in a UAE-Russian Business Forum in Moscow, Russia, organised by the UAE Ministry of Economy. The forum will be attended by the UAE’s Minister of Economy, Sultan Bin Saeed Al Mansouri, The Minister of Regional Development of the Russian Federation, Igor Slyunyaev, and Ambassador of the UAE to the Russian Federation, Omar Saif Gobash, plus government officials and business people from Russia and the Emirates.
Shurooq is also participating in the Kazan Summit 2014 in Kazan, Tatarstan from 5-6 June together with the UAE Ministry of Economy. The Summit is one of the leading international economic events organised by the Russian Federation and the Organization of Islamic Cooperation (OIC), which aims to promote business and investment cooperation between the Russian Federation and the Muslim world. Shurooq’s Head of Investment Promotions Mohammed Al Musharrakh will be participating in a discussion on “UAE-Russia Business & Investment Prospects” at the Summit.
Later this month, from 10-12 June, Shurooq will be taking part in the second TradeUAE Iraq a business and investment exhibition taking place in Erbil in Iraqi Kurdistan, Iraq’s fourth largest city. One of the fastest growing economies in the region, Iraqi Kurdistan is expected to grow at an annual rate of 9%-12% during 2012-2016 and has already proved to be a successful market for UAE companies. UAE investment in Iraqi Kurdistan is estimated to have reached AED 2.5 billion (US$0.7 billion) and airline routes between Erbil and UAE airports have increased to 20 flights per week, including two weekly Air Arabia flights to Erbil departing from Sharjah.
In addition to participating in TradeUAE Iraq, Shurooq’s delegation to Erbil will also hold a day of one-on-one meetings with local businesses and government officials.
Source: Shurooq, news media