According to a study by the Russian tabloid “Izsetia,” from the end of February to the end of September this year, almost 700 Russian businesses established legal entities in the United Arab Emirates.
According to a spokesperson of the CCI and the “Russia Russia” organisation, who was reported by the Russian publication, the number of these businesses has expanded from five to seven times since the previous year.
A member of the Capital, Industrial, and Investment Policy Council of the Russian Chamber of Commerce and Industry, Konstantin Wolf, claims that this scenario may be specifically tracked in the information technology sector.
For his part, the business ambassador from “Delovaya Russia” to the Emirates, Maxim Zagornov, indicated that it is small and medium companies that open their representative offices in the Middle East, but then the great Russian players also entered the local market.
The official emphasised that this action does not significantly intend to boost business but merely permits the continuation of economic activity in light of European and American sanctions.
Origin: Tas.
Newspaper: Within months, 700 Russian businesses establish operations in an Arab nation.
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